As the conflict involving Ukraine, Russia and Belarus progresses, a number of questions regarding its insurance, risk, regulatory, socioeconomic and geopolitical implications continue to arise for our clients. Lockton is closely monitoring this evolving situation and engaging with our business leaders globally to ensure we are providing clients with the best advice and guidance.
Here are the top issues in today's alert
New law bars Russian insurers from transacting with insurers, reinsurers and brokers of or controlled by "unfriendly states". US fits that category.
Broad sanctions against Russia complicate most insurance transactions (paying premiums, claims, binding coverage, etc.).
Impact to organizations with operations in Ukraine and Russia (wheat, energy, minerals, etc.)
Currency devaluation effect on global insurance programs
Lockton's affiliations in Russia (Lockton does not do business with the Russian government or affiliated entities. Lockton does not and has never had a shared or owned interest in any broker intermediary in Russia.)
Not legal advice: Nothing in this alert should be construed as legal advice. We recommend consultation with your own legal advisors and local / global rokers.
Many employers are concerned about by the situation in Ukraine as they strive to ensure the safety, health, welfare and well-being of employees in the region. Global benefit professionals are facing several volatile issues related to the unfolding Russia-Ukraine conflict.
To support our HR colleagues, we are providing the information below concerning key considerations along with the attached Ukraine Client Alert.
As a result of this conflict, needs will emerge in the coming days, months, and perhaps even years. Ongoing monitoring, continued planning and collaboration across the enterprise will be critical to providing the support employees need now and in the future. Lockton will continue to monitor and update these situations as they develop.
Not legal advice: Nothing in this alert should be construed as legal advice.
Mike Smith - trying to put my history degree to good use through research and writing . Mom would be proud but she still wanted me to study business.