Ukraine War 2022

As the world faces an onslaught of perils – from potential food and energy crises to inflation and political instability – much of the blame is being traced back to Ukraine.

Insurers are scrutinizing their books to see how the far-reaching implications of Russia's invasion of Ukraine and an uptick in civil and political unrest around the world may impact their business.

Lloyd's is expecting claims from the Ukraine/Russia war to be an earnings event, not a capital event, said Hank Watkins, regional director of the Americas for Lloyd’s. He spoke with Insider Engage at the RIMS conference in San Francisco.

Property damage, forced abandonment, currency and convertibility are among the political risk coverages potentially exposed, said Laura Burns, SVP, US Political Risks, America, WTW said during an interview with Insider Engage at RIMS in San Francisco.

Insurers must always lift their eyes towards the horizon and scan it carefully for emerging risks. The events of the last two years have reminded every insurer of the need to pay careful attention to the future -- pandemics, the impact of climate change, automation, technology and artificial intelligence, and now war in Europe -- all hold potentially devastating implications for insurers.

As Russia’s invasion of Ukraine intensifies, the international conflict is disrupting global energy supply chains since Russia is one of the world’s largest oil exporters.

As Russia’s invasion of Ukraine intensifies, companies in the US, EU, and other regions are facing increasing stakeholder pressure to restrict services and product sales in Russia. In response, a growing number of corporations have taken measures to halt business there. Global corporate action on the Russia-Ukraine conflict underscores the growing role consumers are playing in international policy.

"We've never seen the potential for a cyber disaster like today," said William Altman, principal cybersecurity consultant at CyberCube.