Originally Posted by
ORAC
https://www.theguardian.com/business...on-territories
The UK club notice explained there would no longer be coverage for loss or damage arising from the war in Ukraine, or in any territory where Russian forces are engaged in conflict across Russia, Belarus, Ukraine and the Republic of Moldova. That includes any seizures, arrest or restrained movement of ships and cargo in those regions.
In a notice to its members last week UK P&I club said: “Due to the impact of losses from the Russian/Ukrainian situation affecting the availability of global insurance and reinsurance capacity, the club’s reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian or
Belarus territorial risks.”
- There are definite indications that this affects all Russian territorial waters. This definitely seems to be affecting Sakhalin LNG gas from Russian Far East to Japan. In principle it also ought to affect Baltic (generally oil) and Arctic (e.g. Yamal LNG gas) waters, though I have not yet seen any evidence of Baltic & Arctic in that respect. Also it could affect Caspian waters which (if so) might impact rail/sea routes. Not so clear on Belarus (!) but see next. Ukraine waters is obv, but unclear whether all Moldova waters.
- Some other indications are that this may also affect corresponding airspace insurances, and one indication I saw referenced Belarus airspace.
- The railfreight re-insurance market is the dog that isn't barking, so far.