
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

Axa XL retreats on aviation war cover
Company has also started to cut back writing marine war cover, according to Reuters

Oil geopolitics lift tanker freight futures volumes to 22% of underlying physical trade
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
Ukraine war risk cover switched to net line basis
Pricing ‘weirdly stable’ as underwriters monitoring aggregation after reinsurers pull back at January 1

Dark fleet tankers now comprise 34% of larger ships calling at key Russia oil export ports
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 pull war risk cover as reinsurers retreat from Russia risk
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

Tankers: West African waters evolve as tanker spoofing centre as ‘dark fleet’ increases in size and notoriety
Tanker owners will have to deal with elevated compliance risks from sanctions in 2023

Marine underwriters unfazed by Russia oil cap
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

Ukraine war risk reinsurance premiums set to increase
Exclusions mean underwriters will be writing net lines on Ukraine risks, a leading marine broker says

Marine war risks insurers worry about further ship detainments in Ukraine
The unpredictability of Russia has created a sizeable aggregate exposure risk if it decides to start detaining ships in the Black Sea, Gallagher warns

Ukraine war risk rates steady despite missile strike in Poland
Moscow’s claim that vessels calling at Russian ports face extortionate insurance costs rejected by market

Marine insurers face up to $1bn in claims for ships trapped in Ukraine
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

UK's Russian oil insurance ban 'to have little additional impact'
Plan to outlaw cover for crude from December and products from February duplicates earlier EU sanctions UK-based clubs were already set to follow
You must sign in to use this functionality
Authentication.SignIn.HeadSignInHeader
Email Article
All set! This article has been sent to my@email.address.
All fields are required. For multiple recipients, separate email addresses with a semicolon.
Please Note: Only individuals with an active subscription will be able to access the full article. All other readers will be directed to the abstract and would need to subscribe.