Allianz, Swiss Re, and Generali have all released statements about their plans to reduce their exposure to Russian business, with some of the details being particularly sparse.
"Our operating entities are no longer underwriting new insurance business in Russia, and are decisively reducing exposure in an orderly manner," Allianz said on March 14.
Swiss Re announced on Monday that it would not be taking on new business from Russian and Belarusian clients, and that it would not be renewing existing business with them.
In addition, it stated that it was reviewing its current business relationships in Russia and Belarus.
Zurich has stopped taking on new domestic customers in Russia and has decided not to renew any existing contracts.
Deutsche Bank announced late last week that it was closing its operations in Russia, a little later than some other major financial institutions such as Goldman Sachs and JPMorgan Chase, which International Investment has covered extensively in the weeks since the Ukraine conflict began.
The bank, which is headquartered in Germany, announced the decision on March 11 after previously stating that it needed to maintain a presence there.
"We are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations," the company said, adding that "there won't be any new business in Russia"
By fLEXI tEAM