An industry group representing insurers and reinsurers in more than 60 countries has cancelled the membership of the All-Russian Insurance Association in protest at the invasion of Ukraine.
The Global Federation of Insurance Associations (GFIA) was established on 9 October 2012.
Its 40 member associations and one observer association represent insurers that account for around 89% of total insurance premiums worldwide, amounting to more than $4trn.
In a statement on 13 May, GFIA said it had "terminated the membership of the All-Russian Insurance Association (ARIA). This reflects GFIA's condemnation of the Russian government's military actions in invading Ukraine".
It continued: "One of GFIA's purposes is to contribute to international dialogue on issues of common interest through formalising contact, cooperation, and dialogue among national and regional insurance associations.
"GFIA's members wish to express their complete solidarity with the Ukrainian people who are demonstrating incredible strength and bravery in the face of unimaginable adversity.
"Insurers around the world are taking the necessary actions to comply with the sanctions that have resulted from the invasion, and many are also taking solidarity initiatives to support the Ukrainian people."
