Latest Market Alert | 7 June 2026
Executive Summary
War exclusions are becoming one of the most important hidden coverage issues for multinational businesses, lenders and project sponsors. Recent conflict-related disruption has highlighted how standard property, cyber, marine, aviation and energy policies may respond very differently where losses are linked to war, terrorism, state-backed cyber activity or geopolitical escalation.
Why It Matters
Many businesses assume insurance will respond to disruption, asset damage or business interruption. In reality, war-related wording, cancellation rights, cyber-war exclusions and specialist buy-back clauses can materially alter coverage.
UK Commercial Impact
UK firms with overseas assets, shipping exposure, aviation dependency, infrastructure projects or international supply chains should review whether existing programmes contain war, cyber-war, terrorism or sanctions-related limitations.
Global Commercial Impact
Global insurers are increasingly focused on aggregation, attribution and exposure control. This may lead to tighter wording, higher pricing for specialist buy-backs and more detailed underwriting questions.
Our View
The risk is not simply that conflict occurs. The greater commercial risk may be discovering after an event that cover is narrower than expected. Clients should review policy wordings, exclusions and specialist extensions before relying on insurance as part of their resilience planning.
Disclaimer
This market alert is provided for general information purposes only and does not constitute investment, legal, tax, regulatory or financial advice. Information has been compiled from sources believed to be reliable at the time of publication; however, no representation or warranty is given as to its accuracy or completeness. Market conditions may change rapidly and readers should obtain independent professional advice before making any commercial, financial or strategic decisions. Invictus Risk Solutions LLP accepts no liability for any loss arising from reliance on this publication.