Monday, January 30th, 2023

World insurance coverage physique terminates membership of Russian affiliation

Global insurance body terminates membership of Russian association

The World Federation of Insurance coverage Associations (GFIA) has terminated the membership of the All-Russian Insurance coverage Affiliation (ARIA).

Based on the commerce physique, which represents insurers that account for 89% of premiums worldwide, the transfer displays its condemnation of the Russian authorities’s navy actions towards Ukraine.

“Considered one of GFIA’s functions is to contribute to worldwide dialogue on problems with widespread curiosity by means of formalizing contact, cooperation, and dialogue amongst nationwide and regional insurance coverage associations,” said GFIA, whose secretariat relies in Brussels.

“GFIA’s members want to specific their full solidarity with the Ukrainian people who find themselves demonstrating unbelievable power and bravado within the face of unimaginable adversity. Insurers around the globe are taking the required actions to adjust to the sanctions which have resulted from the invasion, and lots of are additionally taking solidarity initiatives to help the Ukrainian folks.”

Earlier this yr, Insurance coverage Europe additionally terminated ARIA’s membership.

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