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.