How worldwide events transform war and terrorism cover
In the latest Insurance Post Podcast, Thomas Clayton, head of cyber for Zurich UK, CFC’s terrorism and sabotage team leader Harry Salmon, and Hugh Sparks, managing director for onshore energy and mining at Charles Taylor Adjusting, reflect on how the risk landscape of war and terrorism has changed in the last 12 months.
The trio tackle whether instability in the Middle East plus the ongoing Ukraine/Russia war has caused insurers to reconsider the breadth and depth of war and terrorism cover in recent years.
Looking ahead, they discuss the potential impact of the return of Donald Trump as President of the US and whether recent ceasefires will result in providers offering cover to certain regions again.
Turning to the challenges warfare since the Covid-19 pandemic has created, Salmon said it had focussed minds on risk exposure: “Both the pandemic and the Russian invasion of the Ukraine really brought home the increase in global interconnectedness.
“Owing to the longstanding soft market conditions in the space, it had become commonplace for underwriters to include things like un-named customers or suppliers in policy wordings.
“What that often resulted in is markets thinking they had no exposure in particular to certain territories because they hadn’t written that business upfront, but if you had written an asset whose main supplier was in the Ukraine, for example…”
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