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

Lots representing 652.7m tonnes of crude and refined products were bought and sold last year, close to the 12-year high seen over 2020

Pricing ‘weirdly stable’ as underwriters monitoring aggregation after reinsurers pull back at January 1

Rising percentage of cargoes carried on dark fleet tankers escalates as Russia announces ban on sales of crude to countries from February that complied with G7 oil price cap

P&I clubs are forced to apply Russian exclusions on fixed premium war risk after reinsurers give short notice cancellation of cover. Russian exclusions to apply to International Group P&I Club cover from January 1, 2023

Tanker owners will have to deal with elevated compliance risks from sanctions in 2023

But numerous concerns remain, ranging from exodus of business to non-western markets to fear of inadvertently breaching sanctions and limited net line capacity for war risk

Exclusions mean underwriters will be writing net lines on Ukraine risks, a leading marine broker says

The unpredictability of Russia has created a sizeable aggregate exposure risk if it decides to start detaining ships in the Black Sea, Gallagher warns

Moscow’s claim that vessels calling at Russian ports face extortionate insurance costs rejected by market

Legal expert says carriers should expect a ‘clump’ of claims in February on the first anniversary of the onset of war when ships are deemed a constructive total loss 

Plan to outlaw cover for crude from December and products from February duplicates earlier EU sanctions UK-based clubs were already set to follow