Insurance Europe has terminated the membership of the All-Russian Insurance Federation with immediate effect, following Russia’s invasion of Ukraine.
The move comes almost a week after a group of Ukrainian trade associations wrote an open letter to insurers in other countries, asking for help in ending the war.
In a statement today, Europe’s trade body said: “We express our complete solidarity with the Ukrainian people who are showing incredible strength and bravery during these most challenging of times.”
In a separate reply to the Ukrainian associations, Michaela Koller, director general of Insurance Europe, said: “We are horrified by, and strongly condemn, the military actions taken by the Russian government in Ukraine.”
She confirmed Insurance Europe had shared the letter with its members and made a public statement condemning the Russian government’s actions.
Koller added insurers and associations are providing humanitarian and financial support to the Ukrainian people, and some firms are going beyond their respective government sanctions and pulling out of Russian markets.
She further noted that Insurance Europe “will continue to support the efforts of companies and national associations through information sharing and coordination”.
InsuranceERM has contacted the All-Russian Insurance Federation for comment.