International Union of Marine Insurance says ‘grey areas’ surround Ukraine government’s proposal to reinsure marine risk

Details of scheme that would see Ukrainian government take first layer of risk expected shortly

A new Ukrainian state-backed scheme to provide war risk cover in conjunction with international insurers will essentially be a public-private partnership sharing the risk, according to Marsh, which is advising Kyiv on the details of the new deal expected to emerge in the next month

Re/insurers willing to support that vision have a clear entry point, UkraineInvest’s chief executive, Sergiy Tsivkach, says

United Nations Convention on the Law of Sea provides for right of innocent passage, despite Kremlin sabre-rattling. But destruction of Ukrainian port facilities may mean few fixtures anyway, underwriters add

Both Ukraine and Russia have put shipping on alert in the Black Sea, but it will be difficult for Russia to strike ships transiting the Black Sea and it is unlikely that Ukraine’s Danube River ports will be directly targeted

Russia’s defence ministry says all ships headed to Ukraine ports from Thursday will be considered as potentially carrying military cargo. Flag states of those vessels will be considered to have sided with Kyiv

Norwegian mutual DNK not currently offering cover, but Lloyd’s and London underwriters confirm willingness to quote

Underwriters still ready to cover risks for the right premium, which past precedent suggests could be up to 5%-10% of hull value

Insurance can help spur investors to rebuild the war-torn country’s economy

Britain’s prime minister, Rishi Sunak, says the initiative creates immediate derisking measures to increase investor confidence to aid Ukraine’s recovery

Aon and Lloyd’s have unveiled a collaboration with Vienna Insurance Group to provide re/insurance capacity to bolster Ukraine’s economic resilience