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Swiss Re is bolstering its reserves to dampen the impact of the fallout from the ongoing Russia-Ukraine war.

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The reinsurance major has set aside $283m in reserves related to the war. 

Concurrently, Swiss Re revealed a net loss of $248m for the first quarter of 2022 owing to the war in Ukraine, increased financial market volatility, and the Covid-19 pandemic. 

Swiss Re group CEO Christian Mumenthaler said: “The first quarter turned out to be a challenging one. Russia’s invasion of Ukraine came as a shock, and our thoughts are with everyone impacted. 

“While the situation remains highly uncertain and we do not believe we have an outsized exposure, we decided to take a proactive and cautious approach to establishing reserves for potential impacts from the war.”

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The reinsurer has allocated the reserves in aviation, surety and credit, political risk, and political violence.

In a call with reporters, Swiss Re CFO John Dacey said that the reserve requirement will be evaluated on a quarter-by-quarter basis and see if more reserves need to be set aside. 

“But right now, we feel like we have taken a fairly significant portion of the losses that we’d expect,” Dacey added.

Meanwhile, Germany’s Hannover Re has also reserved general provision in the low triple-digit million euro range in the first quarter for possible losses from the war.

Earlier, France’s SCOR had said that the Russia-Ukraine war will impact its first-quarter results.