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
Western insurers cover two-thirds of Russia’s Baltic and Black Sea oil exports
Greek shipowners and insurers have limited presence on Russia’s eastern seaboard, where oil is selling above the Western price cap, driving trade bifurcation and rise of ‘dark fleet’ of anonymously owned, vintage tankers
Shipping losses fall to lowest level in 12 years: AGCS
Ukraine conflict fallout will challenge shipping in year ahead, with threat of collateral damage on civilian shipping in or around war risk area remaining high, insurer warns
Ship seized in Mariupol is being used in ‘spoofed’ international trade
The bulk carrier began sending unusual AIS transmissions at the end of March 2022. A journey to the Gulf of Oman was then tracked in February of this year
The Ukraine effect podcast: Shipping’s continuing crewing crisis
Chapter 2: The hostilities in Ukraine have left hundreds of seafarers held hostage, several dead and fundamentally affected the global supply of crew, but there are also longer-term implications for the safety and security of crew that needs to be considered. Today’s edition of this special podcast series features Guy Platten, secretary general of the International Chamber of Shipping
Shipowners ‘forgot’ how war risk insurance works
Industry memories of Iran-Iraq conflict faded, and cancellation of standard policies and hefty additional premiums came as an unpleasant shock
Viewpoint: Insurers must beware energy claims volatility following the Ukraine war
The war in Ukraine has driven an uptick in oil and gas production, including the reactivation of mothballed assets. While this increased activity is an opportunity for insurers to earn higher premiums, it also carries the risk of more volatile claims experience
Insurance details on sanctioned Russian tankers remain unclear
Anyone seeking compensation after spill or other casualty may find practical obstacles to getting their hands on the money, market sources warn
Do the legal trade with Russia. But stay the right side of the line
It is pointless admonishing owners to act like conscience-stricken peaceniks. Where there is a legal buck to be made, somebody will make it. But the mark is overstepped by breaking sanctions, or facilitating others to do so
Ukraine billion-dollar marine loss fears receding
Around 70 vessels have potential constructive total loss claims on the first anniversary of Russian invasion next week, but underwriters are confident many will not materialise, with some ships even being sold on
Legal Focus: Russian sanctions and counter-sanctions will continue to impact re/insurers in 2023
The material increase in the number of sanctioned entities and individuals because of the war in Ukraine and the resulting increased need for vigilance has had a real impact on the insurance industry
Iumi confirms price cap attestation will allow Russia crude and products cover
No estimates yet available on how much premium will be lost on account of restrictions
Axa XL retreats on aviation war cover
Company has also started to cut back writing marine war cover, according to Reuters
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