Lloyd's, Aon push for 'innovative' risk solutions in wake of Russia-Ukraine war
Lloyd’s, Aon push for ‘innovative’ risk solutions in wake of Russia-Ukraine war
17 October 2022
Lloyd’s and Aon have created a forum to support the commercial development of risk solutions following the Russia-Ukraine war.
They say in a joint study that the conflict has become a “seismic” geopolitical event with ramifications for the industry.
The initial focus of the innovation forum will be on three key topics where the war has particularly exacerbated the challenges facing businesses: energy, cyber and supply chain.
“A focus on developing innovative products and solutions is essential to ensure our industry plays its critical role helping organisations navigate an increasingly volatile risk landscape and make better decisions,” Aon Global Chairman of Reinsurance Solutions Dominic Christian said.
“We seek to be at the forefront of product innovation to help close protection gaps we have seen emerge over the last several months.”
Last week Lloyd’s and Aon released the report examining the impact of the war on the global economy and the insurance industry globally.
The report says key developments since the war started in February have demonstrated how risks are becoming more complex and uncertain, and the role of insurers and reinsurers in coming up with solutions to mitigate against those risks.
Key developments mentioned in the report include explosions at the Nord Stream 1 and 2 gas pipelines, disrupting critical Russian supplies to Europe and Moscow’s moves to reduce the Russian economy’s reliance on the US currency.
The report, Ukraine: A conflict that changed the world – the re(insurance) industry response, is the second in a series of studies prepared by Lloyd’s and Aon.
Click here for the report.
