by Richard Murray, Managing Associate, CJC

The Ukrainian war and attacks on ships transiting the Red Sea opened a new chapter for underwriters and exposed escalating risks brought by the shifting distribution of global power.

In his annual Royal United Services Institute address in December 2023, the UK's Chief of Defence Staff, Admiral Sir Tony Radakin, spoke of his concern at the "extraordinarily dangerous times" the world now finds itself in, "putting the international system under intense strain."

For war risk insurers, this is not entirely new ground. An estimated 258 distinct armed conflicts have taken place since 1946.

So, underwriters must remain permanently on their guard as the threat from warlike acts is, regrettably, ubiquitous.

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