Global insurance body terminates membership of Russian association

The Global Federation of Insurance Associations (GFIA) has terminated the membership of the All-Russian Insurance Association (ARIA).

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

“One of GFIA’s functions is to contribute to worldwide dialogue on points of widespread curiosity via formalizing contact, cooperation, and dialogue amongst nationwide and regional insurance associations,” said GFIA, whose secretariat relies in Brussels.

“GFIA’s members want to categorical their full solidarity with the Ukrainian people who find themselves demonstrating unimaginable power and bravado within the face of unimaginable adversity. Insurers all over the world are taking the required actions to adjust to the sanctions which have resulted from the invasion, and plenty of are additionally taking solidarity initiatives to assist the Ukrainian individuals.”

Earlier this 12 months, Insurance Europe additionally terminated ARIA’s membership.

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