Lloyd’s of London has warned of a “challenging year” of natural catastrophes, Russia’s invasion of Ukraine and inflation as the world’s oldest insurance market braced for a £1.1bn hit from unrecoverable planes and cargoes related to the war in Ukraine.
The group said it had set aside the sum for customers affected by the conflict, mostly for grounded aircraft, ships trapped in the Black Sea and disrupted exports of cereals and agricultural products from Ukraine and Russia.
