Ship insurers to cancel war risk cover for Russia, Ukraine starting Jan. 1 [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
Ship insurers said they are cancelling 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 clients on Jan. 1, giving them the first opportunity to scale back exposure since the war in Ukraine started, after being hit this year by losses related to the conflict and from Hurricane Ian in Florida. P&I (protection and indemnity) clubs American, North, U.K. and West are no longer able to offer war risk cover for some liabilities in the region from Jan. 1, they said in recent notices on their websites. The clubs are among the biggest P&I insurers who cover around 90 per cent of the world's ocean-going ships. U.K. P&I Club said on Dec. 23 that the issue had arisen because of a lack of availability of reinsurance for reinsurers, also known as retrocession. “The Club's reinsurers are no longer able to secure reinsuranc
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