The main speciality insurance markets face unprecedented pressure to transform to a low-carbon, sustainable world. Activists, from asset owners and managers to the public are turning to direct action and the law. Policy and regulation is entering a period of increasing uncertainty. There is an invention gap that pervades all industry sectors. Investment in high-emissions sectors will continue to fall, increasing the risks to ongoing operations, decommissioning and stranded assets. The chaos surrounding the Russian invasion of Ukraine, the uncertainty that may become a permanent feature of the geostrategic landscape will transform the energy, shipping and marine sectors. Sanctions and security-dominated self-sufficiency will both restructure energy markets in the short-term and accelerate the growth of renewables and demand reduction in the longer term. The turmoil will transform the risk landscape and insurance, creating both shocks and opportunities, raising questions about strategic alignment with key clients that share governance values, as well as diversification to new markets.