"Indirect investments through suppliers and customers of U.S. and European companies may still be impacted, similarly to the already substantial impact on commodity and energy markets," Jason Hopper, associate director, industry research and analytics, AM Best, said in a release. (Credit: Drop of Light/Shutterstock.com)

While U.S. insurers only have less than $2 billion in bonds that are exposed as a result of the Russian invasion of Ukraine, AM Best reported the industry's indirect exposures might be more substantial.

The largest exposure at any company, according to AM Best, is less than 2% of capital and surplus, with a majority of the bonds being rated investment grade NAIC-2.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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