Climate action and geopolitics promise to reorder the international economic, financial and trading systems. The Ukraine crisis promises to accelerate the shift towards greater localisation, financial disruption if not dislocation, and a shift in the balance of power between government and capital. Speciality insurers need to prepare for the re-risking of assets—this will come, though the route and timing is uncertain. They must navigate a world in which capital is less mobile, where capital markets are more regulated, and where it is important to stay on the right side of government.
