December 28, 2022
Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance …
December 27, 2022
Japan’s buyers of Russian liquefied natural gas are assessing how imminent changes to shipping insurance — triggered by the ongoing war in Ukraine — will affect supplies from the key Sakhalin-2 project in Russia’s Far East. Three Japanese insurance companies …
December 27, 2022
The Japanese government has asked insurers to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency …
December 22, 2022
A cargo insurance facility providing cover for shipments via Ukraine’s grain export corridor will continue next year with no rate increases, an underwriter with Lloyd’s of London insurer Ascot said on Thursday. Twenty-one insurers are part of the facility, which …
December 21, 2022
Exxon Mobil Corp., is avoiding hiring oil tankers that previously carried cargoes from Russia, putting itself in the same camp as Shell Plc with a move that pressures owners to choose whether to serve Moscow’s interests or not. The largest …
December 19, 2022
Insurers may refuse to cover planes flying to Ukraine or ships sailing through the Black Sea as reinsurers – who insure the insurers – propose excluding the region from policies from next month, four industry sources said. Reinsurers typically renew …
December 16, 2022
There are tentative signs that oil tanker companies are avoiding sending their ships to collect crude from a key Russian port in Asia following G-7 sanctions targeting Moscow’s petroleum revenues. Since Dec. 5, buyers of cargoes from Russia have only …
December 16, 2022
Some of the biggest names in ship reinsurance are days away from ceasing to cover key war-related risks for vessels going to Russia and Ukraine, a potential source of alarm for shipping firms moving everything from oil to grains. Hannover …
December 13, 2022
Norwegian ship insurer Gard said on Tuesday that an agreement had been reached between Turkey and insurers to enable vessels carrying oil to sail through Turkish waters unhindered. “Following significant engagement between the International Group of P&I Clubs (association of …
December 13, 2022
Russian insurer Ingosstrakh said on Monday it has no plans to offer policies to new clients who may lose coverage from international insurers after restrictions against Russian oil came into force on Dec. 5. The European Union banned all seaborne …