Overview
Sanctions against Russia will cause the global insurance industry to lose some business, may trigger loss claims and force companies to keep pace with a barrage of new rules.
The US, European Union and UK, and a number of other countries, have imposed economic sanctions on Russian companies and individuals in response to the country's invasion of Ukraine. A handful of those sanctions are directly aimed at blocking Russian entities and interests from accessing global insurance markets, and many other restrictions may affect insurers' business.
In an article from S&P Global Market Intelligence titled, "Global insurers face raft of challenges from sanctions targeting Russia," Steptoe partner Guy Soussan was quoted on EU sanctions with far-reaching implications for the insurance sector, including a ban on exporting goods to Russia that might enhance the country's defense and security sector and measures taken against individuals that will make it "impossible" to provide insurance for the business assets owned by sanctioned Russian oligarchs.
