What Is War? Ask an Underwriter.

Correctly defining conflict has high stakes in the insurance industry.

The top of a large ship is seen over the top of a shipping container in the foreground that's painted with a map of the Nord Stream 2 gas pipeline, which is drawn as a yellow line extending from Russia to Germany through several intermediary countries. September 17, 2025, 4:29 PM Comment icon View Comments ( )

Serhii K. is sitting in an Italian jail , fighting extradition to Germany, where prosecutors have charged him with orchestrating the explosions that damaged the Nord Stream gas pipeline three years ago. But while courts will weigh his innocence and guilt, the business world is waiting for a verdict on another question: Were the attacks on Nord Stream a warlike act

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