Aerospace

Countries such as Russia, Ukraine and Belarus and other select geographies are excluded in the renewal terms, as is expropriation.

The lessor has 17 aircraft on the ground in Russia, while one other plane leased to a Russian airline was outside Russia before sanctions were imposed.

The possibility for lessors to claim on airline policies has added another layer of complexity to the unprecedented loss scenario for aviation.

The ratings agency said a high degree of uncertainty around ultimate exposure is likely to be long-lasting and will fuel rate strengthening in affected lines.

The lessor confirmed it is “vigorously pursuing” insurance claims relating to the $802.4mn worth of stranded equipment.

Just a few losses in aviation war have the potential to “wipe out one if not multiple” years of income, the broker said in its Plane Talking report.

Political violence and aviation coverages had been thrown into marine composites as the market softened.

The insurer’s exposure in Russia ahead of the outbreak of conflict in the Ukraine was $3.1bn, with the lessor able to recover approximately $400mn worth of equipment thus far.

The unlimited sideways exposure in the all-risks market has the potential to make the Ukraine-Russia situation even graver for the aviation market.

Lisa Leahy will be reunited with former colleague and TMK’s divisional head of aviation, James Walker, in her new role.

All Irish airline lessors have now terminated their Russian leases, meeting the European Union’s sanctions deadline on Monday, albeit with limited success in recovering aircraft, according to Reuters.

The Gallagher-placed programme is in focus as the aviation market tries to digest the implications of the Russia-Ukraine conflict.