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Rate increases are expected across the board, as well as a tightening of the reinsurance market and increased scrutiny of facilities. -
The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
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Large energy property damage losses in 2020-21 saw a significant reduction, accounting for a total of $500mn across the two years.
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The carrier is also expected to book Q1 losses from recent European storms.
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Sources said they expect other major commercial insurers to follow suit, with territorial exclusions potentially broadening to Belarus.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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In the event of a $2bn aviation-industry loss, Lancashire would face a $40mn loss on its aviation book, as well as a $10mn loss on other lines due to the Ukraine conflict, analysts said.
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If the retail firm also has to pay for structural damage to the building, this will add $80mn to the loss total, sources said.
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The agency highlighted potential aviation losses from the war ranging from $6bn to $15bn.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
