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From cyber claims to the cutting of business ties, the reverberations from the Russian invasion of Ukraine are felt across global P&C insurance markets.

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For their part, carriers are tempted to assume that brokers have screened their applicants, and both parties are prone to believe that an applicant or undertaking with bank financing has already been screened for inclusion on a sanctions list. (Credit: kirill_makarov/Shutterstock.com) For their part, carriers are tempted to assume that brokers have screened their applicants, and both parties are prone to believe that an applicant or undertaking with bank financing has already been screened for inclusion on a sanctions list. (Credit: kirill_makarov/Shutterstock.com)

When Russian forces launched their invasion of Ukraine in February 2022, it wasn’t just Ukrainian defense forces that had to scramble to respond. So, too, did enterprises outside Russia who suddenly found themselves cut off from their Russian buyers and suppliers by economic sanctions imposed by Western nations and international organizations.

After the first week of the assault, it’s difficult to assess how that readjustment is going, but it’s been reported that private companies are even going beyond what government sanctions require to cut their business ties to Russia.

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