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 …
Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance …
Japan’s buyers of Russian liquefied natural gas are assessing how imminent changes to shipping insurance — triggered by the ongoing war in Ukraine — will affect supplies from the key Sakhalin-2 project in Russia’s Far East. Three Japanese insurance companies …
The Japanese government has asked insurers to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency …
Insurers may refuse to cover planes flying to Ukraine or ships sailing through the Black Sea as reinsurers – who insure the insurers – propose excluding the region from policies from next month, four industry sources said. Reinsurers typically renew …
Some of the biggest names in ship reinsurance are days away from ceasing to cover key war-related risks for vessels going to Russia and Ukraine, a potential source of alarm for shipping firms moving everything from oil to grains. Hannover …
Norwegian ship insurer Gard said on Tuesday that an agreement had been reached between Turkey and insurers to enable vessels carrying oil to sail through Turkish waters unhindered. “Following significant engagement between the International Group of P&I Clubs (association of …
Russian insurer Ingosstrakh said on Monday it has no plans to offer policies to new clients who may lose coverage from international insurers after restrictions against Russian oil came into force on Dec. 5. The European Union banned all seaborne …
A backlog of tankers waiting to haul oil through Turkey’s vital shipping straits appeared to start clearing, offering hope that authorities in Ankara have resolved a spat with the insurance industry that arose following sanctions on Russia. A port agent …
