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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

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’

London Lloyds

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

Ukraine Lloyds

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

International Marine

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 Lloyds

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

International United Kingdom

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

International Specialty

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

Annual Outlook Political Risk and Trade

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

United Kingdom Legal focus

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

Europe Specialty

Marsh McLennan launches Ukraine Black Sea port facility

Broker partners with Lloyd’s and the Ukrainian government to provide up to $50m in hull and separate P&I war risk cover

London Ukraine

Mutuals have the leeway to pay discretionary claims

The Russian invasion of Ukraine and the Hamas attack on Israel underline the crucial contribution insurance makes to allowing seaborne trade to continue when conflicts are in full flow

Middle East and Africa Europe

Israel marine war risk rates steady as Lebanon pricing softens

Calls to Israel attract additional premiums in the order of 0.25%-0.5% of hull value, market sources report

Israel Lebanon
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