Ukraine War
As events in Ukraine unfold at a rapid pace and sanctions on Russia start to bite, Insurance Day offers the best insight, analysis and commentary on how the crisis is impacting insurance markets
Sovcomflot secures domestic insurance but sanctions continue to stymie operations
Sovcomflot’s chief executive says the embattled Russian tanker giant has been on an even keel since mid-May, but vessel tracking data suggests otherwise. While Russian oil is increasingly being diverted to China and India, it is not Sovcomflot tankers carrying the oil directly and overall direct ports calls by its fleet have not increased
Marine insurance bans ‘won’t stop Russian oil exports’
Insurance cover likely to shift to Asia from Europe once marine insurance bans take effect, blunting the anticipated impact of EU and UK sanctions
Russia sanctions prove challenging for marine insurers
The lack of detail and loosely worded legislation in Europe’s latest set of sanctions against Russia has posed a series of difficult legal scenarios for the insurance sector to consider
Medvedev pledges state cover for Russian oil exports
Former president says issue of supply insurance 'can be closed at the expense of state guarantees' as EU publishes formal ban on insuring Russian crude exports by sea
Chemical tanker struck by cluster bomb at Ukraine port
The vessel was purportedly struck in the port of Ochakov after what was claimed to be a Russian rocket attack on the Ukrainian port town on the coast of the Black Sea
Marine insurers brace for total loss on ships trapped in Ukraine
War risks insurers face losses running to tens of millions of dollars if Russian invasion reaches six-month point
UK expected to follow EU sanctions on insuring Russian ships
Lloyd’s, London companies and UK-based P&I clubs have little choice but to follow Brussels’ lead, so the practical impact of British decision will be limited
EU confirms ban on insuring Russian ships
Details finally due this week, but move unveiled by Ursula von der Leyen on May 30 could severely restrict trading opportunities for owners caught in European Commission crosshairs
Ukraine war compounds challenges for global insurance programmes
The fighting has complicated claims in Ukraine, even when not excluded, and sanctions have drained capacity for local covers in Russia
Aon warns Ukraine war will hit reinsurers' risk appetites as financial headwinds build
Rising inflation and equity market volatility have already battered reinsurers in the first quarter, but the sector generated strong returns in 2021 on the back of rising investment returns and rate increases
US seizes Iranian crude from Russian tanker arrested in Greece
George Procopiou’s Dynacom has been hired to transfer US-sanctioned Iranian crude from the Russian-flagged tanker Lana, detained in April by Greek authorities on the basis of Russian sanctions, and transfer the oil to the US
Zurich to exit Russia
Carrier agrees sale of business in Russia to local team
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