Ukraine Impacts are Complex for Aviation
Article from InsuranceNews.comau
“What is clear at this stage is the complexity of the aviation loss in particular is almost without precedent in terms of the potential outcomes and interpreting how coverage might respond,” Chief of Markets Patrick Tiernan said last week. Lloyd’s says losses related to the Ukraine war are likely to be concentrated in the aviation, marine, political risk, political violence and trade credit classes but the conflict won’t be a “solvency or capital event” for the corporation or individual syndicates. “We are currently facing a once in a generation period of uncertainty and volatility,” Mr Tiernan said. “These conditions require careful management but if we respond appropriately and prepare effectively our market can continue to grow in size and relevance by helping our customers with the products and solutions they need to navigate the current environment.” |
