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Swiss Re and German insurer Allianz are the latest to join the list of re/insurance firms withdrawing from Russia after its invasion of Ukraine.
As per Reuters’ report, the Zurich-based reinsurance major has stopped onboarding new clients in Russia and Belarus and will not renew existing business with clients in Russia.
Besides, the reinsurer is conducting a review of its current operations in these countries.
Allianz has also paused insuring new business in Russia and is no longer investing in the country.
“Our operating entities are no longer underwriting new insurance business in Russia, and are decisively reducing exposure in an orderly manner,” the company was quoted by the publication as saying.
Allianz’s investment exposure to Russia and Ukraine makes up to 0.3% of its $885.71bn portfolios and its business in these countries made up 0.2% of its operating profit in 2021.
Joining Allianz and Swiss Re is Zurich Insurance, which will also refrain from taking on new domestic Russian clients and stop renewing its existing operations there, Reuters reported citing a spokesperson.
Last week, insurance broker Willis Towers Watson announced plans to exit from all of its Russian operations.
WTW CEO Carl Hess said: “WTW intends to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market.
“While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues.”
The news comes after similar announcements made by WTW’s peers Marsh McLennan and Aon.