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.”
About Sompo
Sompo Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo writes agriculture, professional lines, property, marine, energy, casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda.
For more information about Sompo, please visit www.sompo-intl.com.