Global conflicts drive demand for war risk insurance2 days ago Share Save Padraig Belton Business reporter Share SaveAlina Kalcheva Natalia Grishko's balcony, top right, was badly damaged by the blast from a Russian missileWith conflict continuing in Ukraine and the Middle East, a little-explored global industry has never been more in demand – the war risk insurance market. Fellow Ukrainian Ekaterina Vasylieva even took out a war risk policy for her car in April 2024. Alina Kalcheva Alina Kalcheva, pictured here with her husband and children, had taken war risk insurance out for her motherWar risk insurance is the general term for a sector that also offers cover against terrorism. People in the war risk market are not normally very keen to talk about how much a policy costs. Getty Images Conflicts in the Ukraine and Middle East have increased focus on war risk insuranceGetty Images The City of London is the centre of the global war risk insurance sector