The Ukraine conflict and the associated sanctions on Russia are having a direct impact on global insurance programmes. In the recent Commercial Risk Europe article, “Ukraine conflict means global programme restructuring,” Sompo’s EVP and Head of Multinational Insurance, Brian Grabek noted that Sompo is, “having conversations with clients about alternative coverage solutions and how they may go about restructuring their programmes.” He added that he expects 2022 will be a transition year for the insurance industry, and said, “The conflict is also contributing to an already very stressed supply chain environment, with many companies – from finance to retail to energy – reducing or abandoning their operations in Russia. It’s yet to be seen what longer-term effect this might have on inflation, which will be of great concern to the insurance industry.”
Insights