The High Court has awarded aircraft leasing companies more than USD$24.5 million against Chinese insurer PICC Property and Casualty Company Limited over nine aircraft lost after Russia’s invasion of Ukraine.
Mr Justice Rory Mulcahy delivered judgment on 27 November 2025 following an assessment of damages. Liability was no longer in issue because judgment in default of appearance had previously been entered against PICC in April 2024.
The plaintiffs, led by CDB Aviation Lease Finance DAC, had insured nine aircraft under a policy covering both all-risks and war-risks losses. The aircraft had agreed insured values totalling USD$441.2 million. PICC had agreed to provide 10% of the overall cover.
All nine aircraft were leased to Russian airlines when Russia invaded Ukraine on 24 February 2022. The plaintiffs said they were unable to recover them and treated the aircraft as lost by early March 2022.
Settlements were later reached with other insurers in relation to seven aircraft. The High Court accepted the plaintiffs’ calculations giving PICC credit for those settlements and fixing its remaining liability at USD$18,631,601.20.
The court also awarded USD$5,878,835 for losses caused by delayed payment. The plaintiffs calculated that figure using their weighted average cost of capital, which averaged 6.02% between September 2022 and October 2025.
Mr Justice Mulcahy accepted that the plaintiffs had been deprived of money to which they were entitled for more than three years. He found that their demonstrated financing loss exceeded what would have been recovered through ordinary Courts Act interest.
Judgment was therefore entered against PICC for USD$24,510,436.20.
The judge’s provisional view was that the plaintiffs should also recover their reasonable costs associated with the claim against PICC, subject to any written submissions on costs.