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Mar 16, 2022

Lloyd's statement responding to events in Ukraine

Image for Lloyd's statement responding to events in Ukraine

Lloyd's has issued a statement regarding the ongoing situation in Ukraine:

"We’re shocked and saddened by what we’re seeing in Ukraine: an act of unashamed aggression that’s triggered a political, economic and humanitarian crisis across Europe. The damage and disruption inflicted on the Ukrainian people reminds us of the true cost of conflict.

Our thoughts, sympathies and support are with the people of Ukraine. We salute your courage in the face of unimaginable danger.

Because of this, we want to play our part in supporting a swift and peaceful end to this conflict. That’s why we’re focusing our efforts on helping governments and regulators around the world to identify and implement sanctions against the Russian state. Sanctions are the best weapon at our disposal, and they send an important message that Russia’s invasion of a peaceful country is unwelcome.

For Lloyd’s – despite our market having representatives all over the world – our activities in Russia and Belarus represent less than 1% of the business we transact. However, we know the world is too connected for any of us to sit on the sidelines. And insurance is too ingrained in the world economy for us to not play an active role.

So we’ll keep deploying our expertise, resources and networks – covering crucial areas like cyber, space and political risk – to help deliver an effective sanctions regime against Russian assets. We’ll continue the frequent conversations we’ve been having with UK and international regulators since the conflict began, ensuring we stay lockstep with these bodies as they give careful thought to how sanctions can deal maximum impact.

We’ll continue to work with the London insurance market, alongside our global network of customers, policyholders, brokers and investors, to help them respond to the changing situation. And we’ll keep supporting our people as they cope with the anxieties of a live conflict, while thinking how we can best support those directly affected.

In our mission to create a braver world, we should look no further than the bravery of the Ukrainian people. We join them in hoping and praying for the return of peace."

Separately, in the recent submissions to the Parliamentary enquiry into regulation of the UK (re)insurance industry, comment was made by David Sansom (Lloyd’s Chief Risk Officer) as follows:

“There will be some indirect impact and as a market we write policies relating to cyber risk, aviation … political violence. These will be impacted by current events and that will take some time to fully understand, but those remain well within our control and level of comfort at the moment”.”

The link to the recording is available here https://parliamentlive.tv/event/index/855f1500-ae98-43e8-a97e-452352c3a748?in=11:46:39 Press play and then end after 11:52.