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Ukraine crisis


The crisis in Ukraine is shocking and distressing.

We are worried not only about our Ukrainian colleagues, but also family and friends around the world who have connections there. Our hearts go out to all those affected in Ukraine and the surrounding region. We continue to offer assistance directly to our colleagues in Ukraine to help ensure their safety.

This tragedy will have profound and deep impacts across the globe. We are assessing the risks and implications for our company and clients, working to ensure there is minimal disruption to our client service.

The challenges this conflict will create are immense and the impact will be felt globally. We are here to help you face a new set of risks in cyber, supply chain and investments as well as human capital issues and help you manage claims for insurable losses.

The tragedy unfolding in Ukraine is shocking. Our hearts go out to all those affected, and we wish for a peaceful solution. We are working to ensure the safety of our colleagues and their families. Beyond Ukraine, this tragedy will have profound and deep impacts across the globe. The challenges this conflict will create are immense. But we will help our clients face them.

How we can support you:

Claims

Our Forensic Accounting and Complex Claims (FACC) team is available to assist with calculations in the preparation of claims resulting from business interruption, contingent business interruption, property damage, extra expense, contents and stock losses. The team works in conjunction with our claim advocates and other associates to move quickly through the settlement process and maximize your claim recoveries based on the policy wording in place. The FACC team can help you across all industries and geographies to recover from catastrophic events.



Political risk

Political risks are inherently difficult to predict, and past events are not a reliable indicator of what will happen in the future. Unrest in one country can ripple across the world in unique, unexpected ways. It is too early to tell how the Russia-Ukraine crisis will impact the world beyond Europe, but it certainly will. Our political risk and special contingency risk teams will monitor the events and will provide frequent updates via LinkedIn.



Investment risk

While many businesses may have limited direct investment exposure to Ukraine and Russia, the impact of the crisis will ripple across the globe impacting markets well beyond. In these uncertain times, we can help you understand which markets may be most impacted from the crisis and consider the immediate and long-term implications for your investment portfolios.



Supply chain risk

The pandemic already brought challenges to the supply chain. The Russia-Ukraine crisis will further aggravate the supply chain especially for organizations reliant on goods from either country. Even if you don’t purchase from Ukraine or Russia, you may still be impacted because of closed airspace and waterways. Our experts will partner with you to understand your supply chain risks.



Cyber risk

The Russia-Ukraine crisis could increase the risk of cyber attacks on critical infrastructure, including financial systems, energy and utilities, healthcare systems and government operations.


Disclaimer

Each applicable policy of insurance must be reviewed to determine the extent, if any, of coverage for losses relating to the Ukraine conflict. Coverage may vary depending on the jurisdiction and circumstances. For global client programs it is critical to consider all local operations and how policies may or may not include coverage relating to the Ukraine conflict. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal and/or other professional advisors. Some of the information in this publication may be compiled by third-party sources we consider reliable; however, we do not guarantee and are not responsible for the accuracy of such information. We assume no duty in contract, tort or otherwise in connection with this publication and expressly disclaim, to the fullest extent permitted by law, any liability in connection with this publication. Willis Towers Watson offers insurance-related services through its appropriately licensed entities in each jurisdiction in which it operates. -The Ukraine conflict is a rapidly evolving situation and changes are occurring frequently. Willis Towers Watson does not undertake to update the information included herein after the date of publication. Accordingly, readers should be aware that certain content may have changed since the date of this publication. Please reach out to the author or your Willis Towers Watson contact for more information.

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