Claims and losses
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Fifteen events caused estimated losses of $306mn.
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Gallagher Re estimated insured losses will amount to between EUR2bn and EUR3bn
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The central European flooding stems from a ‘Genoa Low’.
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The Jan De Nul-owned Zheng He was seized by Mexican authorities in November last year.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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The marine carrier’s financial result for the period was $25mn.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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Flooding from the remnants of Hurricane Debby has taken carriers by surprise.
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Storm-like conditions caused by heat have led to “very erratic behaviour” on the so-called Line Fire.
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Some Canadian cedants have approached the market for top-up cover.
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Outdated data, widespread underestimation of insured values and rises in repair costs have increased loss creep.
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The Court of Appeal ruled that ‘at the premises’ wordings provide coverage for Covid-19 losses.
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The loss has increased by 1.4% since the company’s first assessment.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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Data shows nat cat losses in Canada have increased substantially this century.
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The Eras tour has additional coverage in place to cover cancellation for PVT perils.
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Rising premium income is not keeping pace with the increased cost of claims.
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The storm made landfall on Saturday as a Category 1 hurricane.
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Ernesto’s maximum sustained winds have reached 100 mph.
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Flights cancelled as typhoon ramps up to Cat 4.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
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Hail remains the primary sub-peril dominating insured loss costs.
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Both groups continue to call for a highly active season, however.
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The fires, which broke out on Sunday, had already burned 100 square km of land by 19:00 BST.
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Police and civil authorities will likely pick up most costs.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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A canvass of sources suggests that a $3bn-$5bn loss could tip the cyber market into unprofitable territory.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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The NHC has said there is potential for “historic heavy rainfall” across southeast Georgia and South Carolina.
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It consisted of three major earthquakes within a nine-hour period on 6 February 2023.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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Everest Re bucked a more general trend to keep cat exposure stable.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Securities class actions are a perennial source of claims for D&O insurers.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The property market remains “one of the most favourable... I've seen in my career", he said.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The cyber market should use the latest outage to start decisively taking action on managing cat aggregates.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The broker warned that D&O and P&C policies could also be impacted by the outage.
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CrowdStrike has an estimated 15%-25% market share among large companies.
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The incident highlights the aggregation risk around cloud service reliance.
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The modeller said 3 million homes were without power at its peak.
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The figure is well above the historical average of $39bn for this century.
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Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
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Most of the losses occurred in Bavaria and Baden-Wuerttemberg.
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The losses come ahead of an expected active Atlantic hurricane season.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Uncertainty around the quantum remains due to policy deductible variation.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
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Houston mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.”
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Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
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According to BMS, Hurricane Beryl is likely to be a retained event for most insurance carriers.
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Insured losses could be less than $1bn if current NHC forecasts are accurate.
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The storm destroyed housing in St Vincent and the Grenadines and Grenada.
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The storm is predicted to hit the Caymans tonight or early Thursday.
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Grenada and St Vincent were spared the full brunt of the storm.
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Loss assessment is ongoing but the event looks likely to be a total loss.
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Hurricane conditions are expected in Jamaica on Wednesday, according to the NHC.
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Aggregated losses are likely to be around the long-term H1 average of $8.5bn.
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The estimate is up from A$1.5bn, published by Perils in April.
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The Gallagher executive called it a “relentless start to the year”.
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Riots erupted in the Pacific Island territory last month over electoral reforms.
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Re-marketing of large fleets can result in double-digit rate decreases as carriers chase income.
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The claims tally has increased 7% since the last estimate a month ago.
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Reinsurance sources say the pool targets the wrong aspects of Australian cat losses.
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Alberto is the first named storm of this year’s hurricane season.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
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The loss follows the pattern of 2002 and 2013 European flooding.
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Renewable energy assets have been plagued by severe weather losses.
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Europe has experienced an uptick of insured losses from severe weather.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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An EF-4 tornado devastated Greenfield Iowa, adding to the expected multi-billion-dollar toll.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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The storm is expected to be the second billion-dollar SCS loss event this month.
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The proposals include increasing either statutory or CRTF funds.
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The total economic cost from the catastrophe is estimated to be EUR9bn.
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The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
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The timing of the incident could leave carriers running large net exposure for the remainder of the policy year.
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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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Storms struck the Great Plains, the Midwest and the Southeast.
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Parametric triggers are likely to involve financial losses and a number of impacted businesses.
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The firm said its reserving for the year is modelled on multiple scenarios.
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The carrier said it has “moderate exposure” to the bridge collapse.
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A claims dispute between the US Coast Guard and insurers has sparked fear about aggregations.
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Overall economic losses hit $45bn in the first quarter of 2024.
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The goal is to narrow the cyber protection gap, strengthening UK resilience.
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The flooding was caused by thunderstorms, as opposed to cloud seeding, experts say.
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There is a high likelihood the property claim will be subrogated.
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The broker used a consensus-based hypothetical cat event type to analyse its global impact.
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The city alleges defendants knowingly allowed an “unseaworthy” Dali to set sail.
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As a result of mostly flooding, £474mn of losses occurred in the UK.
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Insurers in the emirate typically buy low-attaching reinsurance.
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This follows February’s cat losses coming in below the $150mn reporting threshold.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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UK property insurers paid out £4.86bn in property claims last year.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The Magnitude-7.4 earthquake occurred early on 3 April.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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Copenhagen Infrastructure Partner’s policy is subject to a sub-limit for hail damage.
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The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
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Tremors were felt as far north as capital city Taipei.
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The estimate is up from A$1.4bn, published by Perils in February.
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Several prior-year cat losses deteriorated during the quarter.
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A claim on that scale would test the market in ways it has never seen.
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CyberCube expects ransomware attack to impact both large and SME accounts.
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The complexity of the incident and US location point to one of the largest-ever marine losses.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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Severe convective storms were the biggest driver of last year’s losses.
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Underestimated average claim value has led to a dramatic February update.
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Exposures to property are growing materially in the riskier geographies.
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The US tallies $97bn in economic losses from major perils each year.
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Rate increases have accelerated further after major losses in 2023.
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The event occurred a fortnight after major North Island flooding in New Zealand.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The carriers were in arbitration with UnipolRe and Gen Re.
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A so-called atmospheric river effect is behind the severe weather.
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The insurer says Greensill's claim "arises out of a fraudulent scheme”.
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The talks must be completed by 28 June to avoid a trial.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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Convective storms cost more than ever, but activity was not exceptional.
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The increase can be attributed to the Christmas storms of 2023.
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The court gave a mixed ruling on subjects including coverage, aggregation and furlough.
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Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
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The 737 Max fleet was previously grounded in 2019 following the fatal crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302, when Boeing had a $500mn sub-limit on such claims.
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The scale of the claim is expected to be just within the expected total weather losses for insurers.
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The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
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The year was characterised by several severe and costly thunderstorms.
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Residential losses are expected to account for around two thirds of the claim total.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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Domestic carriers usually have low attachment points for quake losses, the ratings agency noted.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
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Insurers have received more than 7,500 claims related to storms across Queensland, New South Wales and Victoria.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
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The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The programme was hit hard by February’s Kahramanmaraş earthquake.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.
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Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
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The company’s litigation was one of the most high-profile cases relating to Covid-19 business interruption.
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According to the reinsurer at least EUR275mn will be covered directly by CCR under public reinsurance.
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The carrier’s combined ratio deteriorated by 10.9 points to 101%.
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Perils estimated the loss at EU377mn six weeks after the event and at EUR488mn three months after.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
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The number of disasters costing $1bn or more during the period is the highest on record.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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The worst of the damage was experienced in Brest, northwest France.
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Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Last year’s APCIA took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s 1 January renewal, there are several key themes to be debated at the event.
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Severe convective storms accounted for roughly 70% of global insured losses between January and September this year, compared to an average of 34%
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The storm caused significant wind damage and flooding across parts of Scotland and England.
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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
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Verisk said the majority of the insured losses can be attributed to wind damage.
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The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The economic losses from the event are expected to exceed $10bn, the report added.
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Climate change is still the number one area of concern, a study found.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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Videos and messages posted to social media show widespread devastation caused by the Category 5 hurricane.
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Flights had been suspended into Acapulco after the storm rapidly intensified and made landfall at Category 5 strength.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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Italy’s largest insurer has booked EUR840mn in cat losses for the nine months to 30 September.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
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If the claim does indeed pay out, it has been suggested it will be the largest in R&W market history.
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Meanwhile, war premiums for calls into Israeli waters are expected to rise substantially from a low base.
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The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
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Wildfires in British Columbia were the largest of 11 catastrophe losses for the insurer.
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Rate changes across the aviation all-risk and war markets remain wildly divergent during the key Q4 renewal period, sources told this publication.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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The lessor will continue to pursue its litigation in the Irish courts under its own insurance policies.
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Loss data going back to 2000 reveals that severe convective storm plays an “ever more important role” in cat losses.
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Several London insurers, including Tokio Marine Kiln, Axa XL, Munich Re, Starr International and Chaucer, are named in the new case.
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The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
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The worst-case scenario of a $12bn-$15bn claim looks to have been taken out, but there are lots of complex, vexed negotiations still to come.
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According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
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With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
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Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
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The flooding followed a major rainstorm, which has been labelled a 1-in-500-year event.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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The carrier is one of a number of small firms with heavy concentration in Hawaii.
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The country’s second-largest carrier has disclosed around EUR100mn in gross losses during H1.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
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Meanwhile, ongoing hostilities have curtailed business opportunities for grain transport in the region.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The analytics firm said that the majority of insured losses will be attributable to wind.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Investigations have revealed more damage than first thought from the July explosion.
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Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
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The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss, although one potential wild card is the damage it will cause to Georgia and South Carolina.
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The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
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The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
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The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
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The broker said that the Big Bend region towards which the storm is heading has a low exposure density.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
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“The Tampa Bay scenario of major hurricanes is mainly off the table at this point”, according to the report.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
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The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
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Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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The commercial insurance CEO said carriers must communicate on the reasons for ongoing rate increases as the market bifurcates.
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The loss event was flagged by European carriers in recent Q2 earnings disclosures.
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The Australian insurer has denied liability for Greensill’s insurance claims, which are expected to take several years to resolve in court in New South Wales.
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"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.
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Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.
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However minor an irritant these losses are for global carriers, their impact is likely to have an outsized influence on the narrative heading into the 1 January renewals.
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Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.
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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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The Cat-4 storm is likely to weaken as it approaches the California coast.
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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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A fire aboard a car carrier last week raised fresh concerns about the transportation of lithium-ion batteries in electric vehicles.
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The floods struck New Zealand’s North Island between 27 January and 2 February 2023.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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Insurers are messaging that they are able to offset rising reinsurance costs, but will a high-cost tornado season leave them pushing back in the run-up to 2024?
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The syndicate – developed in partnership with Aon – will provide capacity for E&S commercial wildfire risk in California.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The loss tally comes in 39% above the average for the 21st century.
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The case is the latest in a steady flow of legal disputes relating to business closures during the pandemic.
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The utility previously bought a $1bn policy from the (re)insurance market.
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The Mexican state-owned oil company has been the source of several large energy claims.
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The state of Texas in particular has experienced an unusual amount of severe weather.
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The economic loss, including damage to public infrastructure, is expected to hit EUR9bn.
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The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.
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The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
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The BI loss is set to stretch into the hundreds of millions of dollars, with some anticipating a $500mn+ loss.
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The $49.4bn number remains below a critical ILW threshold.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The initiative comes as part of a major package of UK aid to Ukraine.
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Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
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The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.
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An unusual confluence of factors created almost daily storms.
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The case is the latest in a series of BI disputes that focuses on the issue of claims aggregation.
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The scale of the loss has yet to become clear following the blaze on Friday, although the fire is under control.
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Individual Covid BI cases continue to roll through the courts, with several major decisions.
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The broker said there is a significant protection gap for flood coverage in the affected areas.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The three lawsuits take the total number of cases filed against insurers from Carlyle in the UK High Court to seven.
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The carrier is looking to reinstate cat reinsurance to cover the increased cost of the Auckland event.
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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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Montgomery Aviation and Rise Aviation Limited, along with EOS Aviation, have launched fresh legal battles against Convex and Lancashire.
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A fire at a warehouse outside Amsterdam damaged a substantial amount of cocoa owned by Cargill.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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Lawsuits from lessors KDAC and Merx will be included in the ‘mega trial’ to be heard next year.
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Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
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Lessor WWTAI is also pursuing the claim via clause AVN67B, naming the Russian insurers of the airlines in possession of its aircraft.
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