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Russia faces huge insurance costsRussian companies face billions of dollars in extra insurance costs as Western sanctions prompt foreign insurance firms to start pulling out, worried that any business they undertake is at risk from future measures and an increasingly sick economy. Three Western insurance sources looking at the current situation say Russian energy insurer SOGAZ – one of the country's biggest specialist insurers – is among the domestic insurers likely to find it harder to reinsure its risk in markets like London and New York.Alexei Savelyev, head of the reinsurance department at Russian insurer Ingosstrakh, said the company had been notified by one United States firm that it planned to quit the Russian market, though he added that London-based insurers were not so far signaling "any restrictions in operations".Those participants that are still willing to insure Russian companies are likely to at least double their prices to reflect the risk now involved, underwriters say.
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