Ukraine war

The Russia-Ukraine war has resulted in a tragic loss of life, the displacement of people, widescale property destruction and political and global economic disruption. It remains a complex and fluid situation. Organizations should stay informed of the latest developments and take steps to mitigate the risks posed by the conflict on their business.

The war has caused several geopolitical risks for businesses around the world, including:

• Supply chain disruptions: Organizations reliant on agricultural products and manufactured goods from Ukraine, Russia or other nearby nations may be unable to access those supplies due to the conflict, closed airspace and waterways, or sanctions.
• Cyberattacks: The conflict has also raised the risk of cyberattacks as both sides have accused each other of launching attacks. Organizations should review their cybersecurity posture and take steps to mitigate the risk of a cyberattack.
• Financial market volatility: The war has caused financial market volatility as investors have reacted to the uncertainty surrounding the conflict. The volatility has spread beyond the locally affected markets, occasionally impacting other markets both near and far from the conflict. Organizations should monitor the situation closely and be prepared for potential market volatility.

The challenges this conflict created are immense. But we will help our clients face them.

How we can support you:

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 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 war 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.

While many businesses may have limited direct investment exposure to Ukraine and Russia, the impact of the war 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 war and consider the immediate and long-term implications for your investment portfolios.

The pandemic already brought challenges to the supply chain. The Russia-Ukraine war 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.

The Russia-Ukraine war 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.