Property/casualty insurers could see close to $15 billion in losses from the Ukraine-Russia conflict, according to a report issued Thursday by Willis Towers Watson PLC.

However, the industry is ‘more than able’ to withstand the impact of the crisis, Willis said in its Insurance Marketplace Realities 2022 Spring Update report.

‘By several key measures, the insurance industry is in a better position than ever. Policyholder surplus has surpassed a rather astonishing one trillion dollars. Net income is at unprecedented levels,’ Jon Drummond, head of broking, North America, wrote in the report.

Return on equity for insurers is also up significantly, Mr. Drummond said.

Meanwhile, commercial insurance buyers can expect continuing price increases, with rates going up in most lines, even as the hard market gradually loosens its grip, Willis said.