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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

Axa XL retreats on aviation war cover

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

International Aviation

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

International Tankers and Gas

Ukraine war risk cover switched to net line basis

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

International Ukraine War

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

Tankers and Gas Sanctions

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

International Insurance
Annual Outlook Tankers and Gas

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

International Regulation

Ukraine war risk reinsurance premiums set to increase

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

International Europe

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

International Ukraine War

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

Ukraine Europe

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 

Europe Losses

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

Russian Federation United Kingdom
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