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Vessels From Ukraine Will Not Be Able To Take Out Insurance Against Military Risks From January 1 - Media

Vessels From Ukraine Will Not Be Able To Take Out Insurance Against Military Risks From January 1 - Media

Russia, war, Ukraine, Belarus, hostilities, insurance, war with Russia, war in Ukraine, insurance of Ukrainian vessels, International Group of P&I Clubs
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The International Group of P&I Clubs decided to cancel military risk coverage for vessels from Ukraine, Russia and Belarus. The reason for this was the withdrawal of reinsurance companies from the region due to high losses.

This is reported by the Reuters agency with reference to messages published by companies from the IG P&I club.

Reinsurance companies, which provide insurance to insurers, usually renew annual contracts with their clients every year from January 1.

However, this year the companies from the IG P&I club announced that starting next year they will cancel military risk coverage for Ukrainian, Russian and Belarusian vessels.

"The reinsurers of the club can no longer provide reinsurance of military risks related to the territorial risks of Russia, Ukraine or Belarus," their reports state.

The agency notes that companies from the IG P&I club insure about 90% of all marine vessels in the world.

It also said that the Japanese government has called on insurance companies to take on additional risks to continue providing marine insurance for liquefied natural gas (LNG) shipments in Russian territorial waters.

As Ukrainian News Agency earlier reported, the sixth package of European Union sanctions against Russia adopted in early June blocked the insurance of tankers with Russian oil.

We will remind that the sixth package of restrictions of the European Union against Russia provides for a phased refusal to import Russian oil.



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