Lloyd’s and company market bodies to provide information to committee as chair vows to ‘deal a fatal blow to Kremlin’s war chest’
Ascot-led facility can now provide reduced war risk insurance to all non-military shipping to and from Ukraine ports
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
The revised clauses take into account new measures being brought in to prevent the circumvention of the price cap
High chance market will remain soft in 2024, brokers and underwriters canvassed by Insurance Day say, but indications that rate decreases slowing
With several legal trials starting this year, it could take years before some of these issues are resolved, broker Gallagher warns
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
Regulator’s review finds some good practices along with numerous areas for improvement
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
Broker partners with Lloyd’s and the Ukrainian government to provide up to $50m in hull and separate P&I war risk cover
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
Calls to Israel attract additional premiums in the order of 0.25%-0.5% of hull value, market sources report
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