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New York's Andrew Otis Quoted by Law360 on Indirect Exposures Likely to Affect U.S. Insurance Companies Resulting From Cyberattacks in Retaliation to Russian Sanctions

Law360
March 23, 2022

New York Partner Andrew Otis was quoted by Law360 on the heightened concerns of indirect exposures likely to affect insurance companies resulting from cyberattacks in retaliation to Russian sanctions, encouraging divestment from Russian assets. Otis notes an attack on insurers could hinder insurers’ abilities to access reserves to pay claims under policies of insurance or reinsurance.

Worldwide food and commodity disruption are indirect effects that will be on the minds of insurance companies, but in some cases, insurers might be wary of reputational harm to them caused by any association with Russia, he explains.

"Insurers with investments in Russia, insuring Russian companies, or insuring activities in Russia should probably also be concerned about the reputational risk of being associated with or seen to be supporting a pariah regime and their heinous acts," said Otis.

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