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Insurance Europe’s board has voted to terminate the membership of the All-Russian Insurance Federation with immediate effect, after Russia’s military incursion on Ukraine.
In a statement, the trade body said: “Insurance Europe wholeheartedly condemns the Russian government’s military actions in invading Ukraine. We express our complete solidarity with the Ukrainian people who are showing incredible strength and bravery during these most challenging of times.”
Several of its members and insurance firms are undertaking ‘solidarity initiatives’ to back the people and refugees of Ukraine.
“Insurance Europe is supporting these efforts by coordinating information-sharing between our members,” the body added.
This move comes after representatives from the Ukrainian insurance industry contacted Insurance Europe to detail ways in which the European insurance could help to support their efforts against Russia’s military action.
Addressing the Ukrainian insurance associations in a letter, Insurance Europe director general Michaela Koller said: “We are horrified by, and strongly condemn, the military actions taken by the Russian government in Ukraine.”
While insurance companies and associations are offering humanitarian and financial support to the people of Ukraine, some firms have gone much further by completely pulling out of Russian markets, Koller added.