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3 Mar 2022

UK shuts out Russian Companies from Insurance Market

The Index Today

British finance ministry said on Thursday that it will ban Russian companies from the London insurance market, the world's largest commercial and specialty insurance center.

The ministry mentioned that the Russian companies in the aviation or space industry will be blocked from accessing British-based insurance or reinsurance services directly or indirectly.

The Treasury department said, "The UK Government will bring in legislation to prohibit UK-based insurance and reinsurance providers from undertaking financial transactions connected with a Russian entity or for use in Russia."

"Further details of the legislation will be available in due course."

According to the Reuters report, companies from around the world use Lloyd's of London and other businesses operating in London for commercial insurance and reinsurance. Lloyd's and the International Underwriting Association did not immediately respond to requests for comment.

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