Risk & Insurance, May 25, 2022

On February 24, countries around the world watched in shock as Russia began its military attacks on Ukraine.

The appalling assault is one of the largest military actions in Europe since World War II and the greatest threat to political stability on the continent since the Cold War.

This war already has far-reaching consequences. First and foremost, it has displaced millions of people and cost the lives of thousands, many of them innocent civilians. Everyone from governments to businesses to individual people will feel the consequences of this war.

When the conflict eventually reaches an end, political risk insurance policies will be there to make what they can whole again. These policies will step in to take care of physical damage to properties and some of the economic losses caused by the war.

The violence in the region has also increased business travel risks.

“There’s a lot of consideration on international travel at this moment,” Jim Wetekamp, CEO of Riskonnect, said.

“I think you’ve got a lot of consideration on the essentialness of travel. It’s even more of a pause now than it was during COVID-19 in terms of the risk to employees in international travel scenarios.”

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