Problem is that insurers have been trying to avoid payments for “acts of war,” leading to high-profile court cases, including one in which Zurich settled a claim involving a Russian-linked 2017 attack involving Ukraine.
Ben Carey-Evans, senior insurance analyst at GlobalData, said “The resolution of the case could create a legal precedent that means insurers will have to pay out on claims coming from Russia going forward. However, the escalation of the conflict since this attack happened could strengthen insurers’ arguments for ‘act of war’ exclusions for future cases.”
Read the Strategic Risk article here.