How does the RussianUkraine Battle Impact the Insurance Industry?

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How does the Russian/Ukraine Battle Impact the
Insurance Industry?
Perhaps because I have been around so long, I am
privy to information that is shared behind the
scenes with high net
worth insurance company executives.
interesting watching what they anticipate
It has been will impact the
insurance industry. For two years, the concern
was whether or not those with a particular
endorsement in their policies would be able to
collect on Contingent Business Interruption
Claims caused by Acts of Governmental
Authorities in shutting down service businesses
due to the pandemic. More recently, however,
information sharing and concerns have been
revolving around the Russian/Ukraine Ware.
What is the big concern now? Cyber-attacks. Genera
lly, war- related losses are excluded from paymen
t by insurance
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policies. After 9/11 and the question, will the
war exclusion be applied here? it was
determined that the world needed terrorism
insurance. However, there is a question now as to
whether or not terrorism insurance cover
cyberattacks. Just like in everything else, The
large print giveth and the small print taketh
away. The interpretation of clauses in policies
as determined by courts, if necessary, will
prevail. Much of the commentary on this topic
suggests that clauses had been interpreted as a
legalistic trick for insurers to avoid paying
claims. However, these clauses in the policies
represent an important development that should
remove one of the major impediments to the
growth of cyber insurance. They provide insights
into the balance of responsibility between the
public and private sectors in generating
resilience and norms of state conduct. Existing
exclusions for war are inadequate to capture
nation-state activity in cyberspace, coupled with
potential litigation over insurance claims which
might be made under property insurance policies
that might be ambiguous on this topic. As a
former Navy Intelligence Officer, I cannot see
Putin losing. So, what can be done? Lao Tzu,
writing in The Art of War, says that a golden
bridge to escape should be provided for your
retreating opponent. Until such a thing can be
made to happen, one thing that Putin can do to
bring us to our knees is unleashed terror
attacks. Will the damage from such attacks be
covered? To answer this question in my favor, I
just yesterday purchased cyberattack insurance.
 I added it as an endorsement to my homeowners
insurance policy.  It was only 200.00, and
I would recommend this purchase to anyone with a
computer.