Caught In The Crosshairs: Insurers Deny Russian-Seized Aircraft Claims (Live Insurance News)

Caught In The Crosshairs: Insurers Deny Russian-Seized Aircraft Claims

  Thursday, May 5th, 2022 Source: Live Insurance News

Aircraft lessors are filing claims for payouts, but insurers don’t agree that coverage extends that far. When Russia invaded Ukraine, it threw a number of markets into turmoil, and in the case of the aircraft market, it has also led to a tremendous insurance battle.

Aircraft leasing firms provide approximately half of the 1,000 planes in Russian airline fleets.

The aircraft leasing firms are from outside Russia and are finding themselves locked between Russian airlines that refuse to pay and insurers who say they’re not obligated to do so.

This insurance battle is taking place because the sanctions against Russia mean that insurers are not obligated to pay many forms of claims relating to that country since they are required to drop coverage there.

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