Gordon J A Dixon
Sanctions is a word sometimes thrown about by politicians, but it’s an issue that insurers need to be aware of due to their wide-ranging impact. Intelligent Insurer investigates.
Sanctions. It’s a word you hear on the news and then dismiss as a subject that won’t affect you. However, it’s a subject that every insurer needs to take seriously. It might mean the difference between survival and disaster.
Insurance is an increasingly international business, with tendrils of finance spreading everywhere. It’s because of this that insurers need to make sure that the risks that they are covering aren’t in some of the less salubrious areas of the world.
Just as important, insurers also need to make sure that they aren’t financially linked to a person or a company that has been targeted by international sanctions. If they are there can be financial penalties—or even legal consequences.
Sanctions, Insurance, Lloyd's, Matrix, CMS, Robert Easton, Alex Denslow, London, UK, Europe, Iran, Asia-Pacific