Insurance Sweden Annual Conference 2023: business community plays an important role during war and crisis

17 May 2023 —
Swedish Insurance on May 10 hosted its annual conference, the main topic of which was "Crisis and war - what is the role of the insurance industry?", this event gathered about 150 participants.

Vyacheslav Chernyakhovsky, General director and Tetiana Korobova, deputy director, Insurance Business Association Ukraine, participated in the conference with a presentation "How has the Ukrainian insurance market prevailed during an ongoing war and how has the insurance companies handled the challenges for their organization and staff?".

Christina Lindenius, CEO of Svensk Forsakring, in her speech emphasized that there is an ambition on the part of the insurance industry to raise and strengthen the financial sector's preparedness and Sweden's total defense. Charlotte Petri Gornitzka, Director General of MSB, noted that 90% of what we need during war and crisis is done by the business community.

Vyacheslav Chernyakhovsky mentioned that Ukrainian economy is severely damaged since the invasion. Among other things, there has been a 40% decrease in insurance companies in Ukraine since 2021. Challenges during the war included: some offices in Eastern Ukraine have been destroyed or damaged. Some employees were injured and recruited into the Armed Forces. However, the industry has managed to stabilize its activities. Vyacheslav underlined that digitalization as a strong decisive factor and believes that insurance plays an important role even after the war during a phase of reconstruction.

Ylva Wessen, Chairman of the Board at Insurance Sweden and President and CEO of Folksam and Carl Wern, Head of Group Security at Folksam said that "the more information we have, the better decisions will be, and we also get a more adequate situation picture to work with". She concluded by emphasizing the central role of insurance as insurance has an important task both before, during and after crises.