London Marine Insurance Agency LMA Includes Ukrainian And Russian Waters In Black And Azov Seas In High-Risk Areas List

London-based marine insurance agency Lloyd's Market Association (LMA) has included the territorial waters of Ukraine and Russia in the Black and Azov Seas in the list of areas with a high level of risk.

This was reported by Reuters, Ukrainian News Agency reports.

“London’s marine insurance market on Tuesday added the Ukrainian and Russian waters around the Black Sea and Sea of Azov to its list of areas deemed high risk as tensions persist in the region,” the statement reads.

According to Neil Roberts, head of marine and aviation with the LMA, which represents the interests of all underwriting businesses in the Lloyd’s market, they would remiss if they did not advise the market now and give it the ability to react.

“The Committee normally meets every quarter to review areas it considers high risk for merchant vessels and prone to war, strikes, terrorism and related perils. Roberts said it had been scheduled to meet next month but had convened a meeting due to developments," Reuters reported.

It is also noted that apart from the critical sea lanes around Ukraine, ensuring insurance cover for air flights is another factor at play.

Roberts said London's Aviation Hull War Committee had met separately on Tuesday and continued "to look at risks as they develop".

As Ukrainian News Agency earlier reported, Ukraine does not recommend airlines to operate flights over the open waters of the Black Sea from February 14 to 19.

SkyUp Airlines has temporarily stopped selling tickets for flights from February 14 to 16, 2022.

On February 12, 2022, the world's largest insurance companies informed Ukrainian air carriers that they would stop insuring aircraft for flights in Ukrainian airspace within 48 hours.

This decision is associated with increased risks of the outbreak of hostilities.

Accordingly, the owners of aircraft - lessors demand the speedy return of aircraft to the territory of the European Union.

SkyUp flight PQ0902 "Funchal - Kyiv" on February 13, due to the requirements of the lessor, was forced to land not in Ukraine, but in Chisinau.