Swiss insurace giants react wth tough measures in response to Ukraine, while local banks are still holding back.
European insurers are pulling out of Russia and Belarus and have been joined by Swiss insurance giants Swiss Re and Zurich, according to a list published by «Reuters».
Swiss Re, the largest local insurer, will no longer accept new business in Russia and Belarus, nor will it renew its relationship with existing clients in either country. Zurich is adopting the same measures for its business in Russia.
The two Swiss insurers join Germany's Allianz and Hannover Re, Italy's Generali along with Willis Towers Watson, Aon and March in adopting similar measures.
Lights on at UBS Moscow
Conversely, UBS and Credit Suisse continue to mainatain their Moscow branches with a pullout likely needing approval of authorities in Russia. Other banks, however, didn't hesitate with Goldman Sachs, J.P. Morgan and Deutsche Bank withdrawing from Russia.
