Ukraine’s wartime defense spending will remain high next year, underscoring the need for allies to provide war-risk insurance to help attract investment, the nation’s finance minister said. “Without international support, without war-risk insurance, we will not attract as much investment …
Marsh McLennan, the professional services firm in the areas of risk, strategy and people, today announced that it will work with the Ukrainian government to help it unlock access to the global insurance market. As part of the support, it …
The United Nations Development Programme (UNDP) announced the successful binding of insurance coverage for the mission coordinated by the United Nations to prevent over a million barrels of oil spilling into the Red Sea. Securing insurance is a pivotal milestone …
An operation is finally underway to transfer the oil from a stricken tanker off the coast of Yemen that maritime salvage experts have called a “ticking time bomb.” The decrepit vessel has been lying idle for years with more than …
An oil tanker seized by Iran on Thursday was carrying Kuwaiti crude and had a crew of 24 Indians, according to the operator. The US has demanded the immediate release of the the Marshall Islands-flagged Advantage Sweet, which was travelling …
Major Japanese shipping company Nippon Yusen KK is seeking a government guarantee to insure vessels at risk from Russia’s war in Ukraine. Conditions for getting war insurance for ships entering Russian territorial water have gotten stricter, said Takaya Soga, the …
Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said. The Black Sea is crucial for the …
Japanese insurers are expected to maintain marine war insurance, which covers the sinking and requisition of ships due to war in Russian waters for at least three months for liquefied natural gas (LNG) vessels, industry sources said on Friday. Japan’s …
Japan, the world’s top liquefied natural gas (LNG) importer, is facing its latest challenge in securing vital gas supplies from Russia after Western reinsurers said they would halt marine war insurance for ships traveling in Russian waters from Jan. 1. …
A host of shipping insurers altered their policies for 2023 to exclude claims linked to Russia’s war in Ukraine, a further sign of the industry’s growing concerns about losses stemming from the conflict. At least 12 of the 13 organizations …
