Insurers brace for more war-sanctions claims

BOC Aviation is the latest aircraft lessor to seek recompense for planes stuck in Russia.

BOC Aviation is the latest aircraft lessor to seek recompense for planes stuck in Russia.

The Singapore-headquartered, Dublin-based aircraft-leasing company BOC Aviation has initiated proceedings in the High Court in Dublin against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses incurred as a result of the sanctions imposed on Russia in the wake of the Russia-Ukraine war.

BOC is claiming that  17 aircraft, which have been grounded in Russia since the war began and represent a write-down of USD 804 million, are unlikely to be recovered “in the foreseeable future, if ever” and that it had filed insurance claims to recover losses and would vigorously pursue them.