The extreme volatility associated with the Ukraine war has “triggered significant changes” that will be felt worldwide with increased “global risks” across economies, according to a report by two leading insurers.
Lloyd's and Aon have highlighted a number of areas that have been dramatically affected following Russia’s invasion of Ukraine.
Their report suggests that with global networks so heavily interconnected in the modern world, Moscow’s actions are having a major far-reaching effect on geopolitics, inflation, economics and social transformation.
“The conflict in Ukraine has once again demonstrated the devastating toll that a systemic event can have on the global risk landscape,” the report states. “As quickly as the conflict began, our economic assumptions have been challenged, our energy mixes thrown into question and our geopolitical relationships redefined.”
The knock-on effects of the war “will last a lifetime” and already the damage caused by Russia's invasion has “left the world in a dramatically altered state”.
As a result, businesses and insurers need to work out how to “navigate the world it leaves behind”.
The report, Ukraine: A conflict that changed the world, said Russia’s actions meant that international norms and laws had been destabilised with many organisations adopting “hedging strategies” to protect their global interests, along with more protectionist trade policies.
“Countries and businesses are pivoting towards reshoring supply chains as a means to achieve self-sufficiency and more control on access to priority goods and services,” it said. This would make goods and services more expensive in the long term.
With Russia effectively cutting off energy supplies to the West, the energy sector had been the “most impacted by the range of risks emerging from the conflict” which would require companies to build “risk mitigation strategies.”
Inflation, which is creeping towards 10 per cent in Britain, will be significant, and while it would increase profits in some sectors, higher costs passed onto consumers would further exacerbate the situation.
The report warned that businesses seeking to absorb growing costs “may face a struggle to stay afloat.”
Russia’s exclusion from international trade was also having “significant economic ramifications,” particularly in European food and energy business.
Any further depreciation of the rouble would negatively affect Russia’s productivity which would in turn damage global agriculture and manufacturing sectors.
The conflict had also led to increased defence expenditure across Europe, the US and China, making changes in the world order.
With more than three million refugees flowing into Europe, exceeding the number from Syria in 2015, there would be social transformation and the displacement would also contribute to labour shortages.
This would require organisations “to reconfigure their labour pools,” in particular in transport and logistics, to “meet the rising demand on products and services.”
“The Ukraine conflict touches us all, both as individuals and businesses,” said Aon chairman Dominic Christian. “Specific risk does not exist in isolation and our ability to manage deeply related and increasingly volatile risks requires careful thought, detailed planning and effective execution.”
Company%20Profile
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57%20Seconds
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UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
COMPANY%20PROFILE
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
TOURNAMENT INFO
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Thursday results
UAE beat Kuwait by 86 runs
Qatar beat Bahrain by five wickets
Saudi Arabia beat Maldives by 35 runs
Friday fixtures
10am, third-place playoff – Saudi Arabia v Kuwait
3pm, final – UAE v Qatar
UAE currency: the story behind the money in your pockets
WORLD CUP SEMI-FINALS
England v New Zealand (Saturday, 12pm)
Wales v South Africa (Sunday, 1pm)
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
Story%20behind%20the%20UAE%20flag
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UAE currency: the story behind the money in your pockets
