Lessors of confiscated aircraft in Russia is asking for 8 billion dollars from insurance companies

Air leasing companies are suing dozens of insurance companies, seeking nearly $8 billion, in a series of lawsuits over the loss of hundreds of stranded aircraft in Russia after Moscow’s invasion of Ukraine.

More than 400 aircraft in leases worth around $10 billion cannot leave Russia after EU sanctions forced leases to be terminated.

The lessors say the planes are covered by war or theft insurance, but the insurers note that the planes were undamaged and can be returned.

As part of a list of claims against insurance companies in London, Dublin and the United States, SMBC has filed a lawsuit against Lloyd’s of London in the Irish High Court on 28 November.

SMBC, headquartered in Ireland, which is owned by a consortium that includes Japan’s Sumitomo Corporation and Sumitomo Mitsui Financial Group, posted a $1.6 billion writedown at the start of questyear, to cover the full financial impact of having 34 grounded planes in Russia.

CDB Aviation, also based in Ireland and owned by the China Development Bank, filed a lawsuit in the Irish High Court against 18 insurance companies on Nov. 15 over grounded planes in Russia. CDB Aviation admitted it wrote down assets by 747 million yuan ($105 million) in August, but said it wasn’t the full value of the planes.

BOC Aviation has launched legal action against 16 insurance companies, according to a Nov. 3 filing by the Irish High Court. Singapore-based BOC admitted it wrote off $804 million worth of assets in August related to the 17 planes it owns that remain in Russia.

AVOLON is taking legal action against 15 insurers in the Irish High Court, according to a filing filed Nov. 3, after the lessor reported a $304 million decrease in assets in the first quarter, to cover the financial impact of 10 grounded planes in Russia.

Aircastle also filed a lawsuit against more than 30 insurance companies in New York State Supreme Court in late October, regarding nine stranded planes and other equipment. in Russia. At the beginning of questFor the year, Aircastle said it had losses of $252 million due to aircraft depreciation.

Carlyle Aviation Partners Files a $700 Million Claim in Miami-Dade County, in Florida, against more than 30 insurance companies that failed to pay for more than 23 stranded planes in Russia, he said in late October.

Dubai Aerospace Enterprise has also filed a lawsuit in London against 11 insurance companies, including Lloyd’s. of London, AIG, Chubb and Swiss Re in October, two months after writing off nearly $600 million for 19 grounded planes in Russia.

Aviator Capital has filed a $147 million lawsuit against Chubb, Hive Underwriters, HDI Global and 12 Lloyd’s affiliates. of London in court in Florida in August, for non-payment of claims relating to four commercial aircraft and three engines leased to Russian airlines.

This is compounded by a lawsuit filed by Aercap in London seeking $3.5 billion from AIG and Lloyd’s in June, involving 141 aircraft and 29 aircraft engines, owned by Aercap and leased to Russian airlines.