In the News: War in Ukraine is an unprecedented challenge for London’s A&H underwriters
The situation in the Ukraine changes from day-to-day, so how can A&H underwriters possibly keep up with the movement on the ground and assess how to best price risk for those entering the dangerous conflict zone? Accident and health class underwriter for OneAdvent, Alexis Fehler shares his insights in this exclusive article for Insurance Day.
“The level of risk to those travelling to Ukraine for work undoubtedly means existing travel insurance policies, which include accident and health (A&H) cover, are unlikely to be adequate in protecting clients from the plethora of evolving risks.”
The war in the Ukraine is presenting unique challenges not faced in other conflicts such as those in Iraq and Afghanistan, for example, the use of inaccurate Soviet-era weapons, which increase the risk of damage outside of the active conflict zones. In addition, foreign support for the Ukraine may start to wane, giving Russia’s forces an opportunity to push through a weakened Ukrainian front. There is also a growing risk to those living and working in the country from unexploded ordnance laid by both sides across the country since the start of the conflict.
“Despite the growing challenges to A&H underwriters, the London market should be in a better position than most to respond to the risks in Ukraine, because of its still widely regarded reputation as a hub for entrepreneurial talent and rich history of offering solutions that larger insurers will not touch”
As the conflict continues to rage, we’ll be watching the situation very closely to see how the insurance sector responds to the challenges ahead to enable those brave individuals to be able to enter the country with at least some form of cover should the worse happen.
Read Alexis’ full article in Insurance Day here (subscription required).
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyd’s broker and niche product distribution business, OneAdvent brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.