The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS.

Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS Global Large Loss services, as well as internal research, to come up with some helpful insights into the possible scale of losses re/insurers may be facing from the ongoing war caused by Russia’s invasion of Ukraine and its fallout.

PCS believes the ultimate industry loss to specialty lines of insurance and reinsurance will be within a range from a low-end estimate of $13.05 billion, to more than $23 billion.

A working estimate of $20.6 billion is where PCS is looking currently, but the company notes that there is significant uncertainty in some lines of business, where the true ramifications of the conflict may not be quantifiable for the global insurance industry for some time.