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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

Ukraine War

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

Russian Federation Tankers and Gas

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

Insurance Reinsurance

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

United Kingdom Europe

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

Europe Ukraine War

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

International Tankers and Gas

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

Ukraine Marine

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

Europe Marine

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

Russian Federation Europe

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

Ukraine Russian Federation

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

International Reinsurance
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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

Greece United States

Zurich to exit Russia

Carrier agrees sale of business in Russia to local team

Russian Federation Zurich
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