S&P Global forecasts losses in the market of specialized insurance in the amount of $16-35 billion due to the Russian-Ukrainian conflict, reports Reuters.

This includes possible losses from aviation insurance totaling between $6 billion and $15 billion, S&P said in a report.

Other areas likely to be impacted by the conflict include cyberthreat insurance, political risk insurance and naval warfare insurance, according to S&P.

The aviation market has been going through years of legal wrangling between lessors and insurers over planes stuck in Russia due to Western sanctions.

The world's largest aircraft lessor, AerCap, has filed a $3.5 billion insurance claim against more than 100 aircraft stranded in Russia.

The 21 largest global reinsurers are likely to suffer about half of the total losses.