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Insights

Ukraine / Russia Conflict Update - March 17, 2022

3/17/2022

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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.
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    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.

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  • Home
  • BenefitSmith Global
    • 2024 Global Benefits Forum
    • IEBA - US Branch
    • 2023 Global Risks & Rewards
    • Elevate Capacity & Well-Being
    • The Future of Talent
  • Insights
  • Self Insured Solutions
  • Where Employers Focus & How Lockton Helps
  • Benchmarking, Trends & Updates
  • Pharmacy Management
  • Data & Analytics
  • People Solutions
  • PE, VC and M&A Support
  • NEEBC & Lockton
  • About BenefitSmith
  • Contact
  • Resources
    • MA Benefit & Leave Mandates
    • Stream with Smith
    • Uncommon Perspectives
    • Lockton Benefit Blog
    • Lockton Employee Benefits
    • Lockton Global Benefits - Compliance News
    • Lockton Insights & Publications
    • Lockton Private Risk Solutions
    • Kaiser Health News
    • New England Employee Benefits Council