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
Insurers wanted for Ukraine defence investment
Ukraine seeks a war risk insurance mechanism for its defence technological and industrial base, member of parliament, Halyna Yanchenko, tells Insurance Day
Reinsurer cold feet hindering Black Sea war risk cover
No war risk pollution claims in Red Sea to date, but ‘one of these vessels is going to get hit and it’s going to make a mess,’ Lockton VP argues
Red Sea war risk rates unmoved by Rubymar sinking
Bulk carrier sinking is first total loss caused by Houthi attacks but ‘if anything, the market is starting to flex downwards’, underwriter says
Commons committee will probe Russia insurance sanctions enforcement
Lloyd’s and company market bodies to provide information to committee as chair vows to ‘deal a fatal blow to Kremlin’s war chest’
Marsh expands Ukraine war risk facility
Ascot-led facility can now provide reduced war risk insurance to all non-military shipping to and from Ukraine ports
Marine insurers face extra due diligence in Russia oil price cap crackdown
From February 20 pre-voyage attestations required for all tankers calling at Russia, affecting about 41% of tankers covered by Western insurers, a proxy for price cap compliance, based on January callings
LMA updates Russian oil price cap clauses
The revised clauses take into account new measures being brought in to prevent the circumvention of the price cap
London D&O market seeing ‘signs of stabilisation’
High chance market will remain soft in 2024, brokers and underwriters canvassed by Insurance Day say, but indications that rate decreases slowing
Disputes over planes trapped in Russia to weigh on insurers in 2024
With several legal trials starting this year, it could take years before some of these issues are resolved, broker Gallagher warns
Shipping can adapt to anything as long as trade remains global
Global maritime trade is down in 2023, but it has proven remarkably resilient to successive shocks to the system. A proliferation of protectionist obstacles to international trade and investment, however, could prove to be a much bigger barrier — even for shipping’s endless adaptability
Legal Focus: FCA assesses the sanctions response to Russia’s invasion of Ukraine
Regulator’s review finds some good practices along with numerous areas for improvement
Marsh scheme could cut Ukraine war risk rates by as much as two-thirds
War risk cover for vessels trading with Ukraine since the Russian invasion in February 2022 have been volatile, with additional premiums thought to have touched an unprecedented 10% or more of hull value
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