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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

Western insurers cover two-thirds of Russia’s Baltic and Black Sea oil exports

Greek shipowners and insurers have limited presence on Russia’s eastern seaboard, where oil is selling above the Western price cap, driving trade bifurcation and rise of ‘dark fleet’ of anonymously owned, vintage tankers

International Ukraine War

Shipping losses fall to lowest level in 12 years: AGCS

Ukraine conflict fallout will challenge shipping in year ahead, with threat of collateral damage on civilian shipping in or around war risk area remaining high, insurer warns

International Allianz

Ship seized in Mariupol is being used in ‘spoofed’ international trade

The bulk carrier began sending unusual AIS transmissions at the end of March 2022. A journey to the Gulf of Oman was then tracked in February of this year

Sanctions Political and Trade

The Ukraine effect podcast: Shipping’s continuing crewing crisis

Chapter 2: The hostilities in Ukraine have left hundreds of seafarers held hostage, several dead and fundamentally affected the global supply of crew, but there are also longer-term implications for the safety and security of crew that needs to be considered. Today’s edition of this special podcast series features Guy Platten, secretary general of the International Chamber of Shipping

Ukraine Russian Federation

Shipowners ‘forgot’ how war risk insurance works

Industry memories of Iran-Iraq conflict faded, and cancellation of standard policies and hefty additional premiums came as an unpleasant shock

Europe Ukraine War

Viewpoint: Insurers must beware energy claims volatility following the Ukraine war

The war in Ukraine has driven an uptick in oil and gas production, including the reactivation of mothballed assets. While this increased activity is an opportunity for insurers to earn higher premiums, it also carries the risk of more volatile claims experience

International Energy

Insurance details on sanctioned Russian tankers remain unclear

Anyone seeking compensation after spill or other casualty may find practical obstacles to getting their hands on the money, market sources warn

International Russian Federation

Do the legal trade with Russia. But stay the right side of the line

It is pointless admonishing owners to act like conscience-stricken peaceniks. Where there is a legal buck to be made, somebody will make it. But the mark is overstepped by breaking sanctions, or facilitating others to do so

Lloyd List - The View Sanctions

Ukraine billion-dollar marine loss fears receding

Around 70 vessels have potential constructive total loss claims on the first anniversary of Russian invasion next week, but underwriters are confident many will not materialise, with some ships even being sold on

International Ukraine

Legal Focus: Russian sanctions and counter-sanctions will continue to impact re/insurers in 2023

The material increase in the number of sanctioned entities and individuals because of the war in Ukraine and the resulting increased need for vigilance has had a real impact on the insurance industry 

Europe Legal focus

Iumi confirms price cap attestation will allow Russia crude and products cover

No estimates yet available on how much premium will be lost on account of restrictions

International Russian Federation

Axa XL retreats on aviation war cover

Company has also started to cut back writing marine war cover, according to Reuters

International Aviation
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