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Despite the uncertainty surrounding the conflict, rates in the airline all-risk market remain flat. -
The loss comes as rate rises decelerate in the class after several years of compound rate rises.
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If the lessor’s $3.5bn all-risk claim proves unsuccessful, it plans to pursue a claim on its contingent war policy worth $1.2bn.
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The $1.6bn write-off covers the value of 34 aircraft still on the ground in Russia.
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Carriers have received more than 8,000 flood claims since 1 July.
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Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
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Hiscox is understood to have led the policy, while Aon is said to be the broker.
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The July date of the event is favourable for reinsurers as Suncorp and IAG have just reset their deductibles, although QBE buys on a calendar-year basis.
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Tropical Storm Risk set the probability of above-normal accumulated cyclone energy in the North Atlantic at 46%.
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S7 has requested to return two planes, while AirBridgeCargo is attempting to return 14 of its 16 Boeing 747 freighters.
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In the last 24 hours, more than 35,000 people have been evacuated or asked to prepare to do so.
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Widespread rainfall, thunderstorms and flash flooding is expected to continue until Tuesday.
