London marine insurers extend high-risk area to all Russian waters

London marine insurers extend high-risk area to all Russian waters
April 5, 2022, 9:25 am

London’s marine insurance market on Monday (4 Apr) added all of Russia’s waters to its list of areas deemed high risk (File photo: Pixabay)

The Nasdaq reported, citing Reuters, a UK advisory showed, London’s marine insurance market on Monday (4 Apr) added all of Russia’s waters to its list of areas deemed high risk.

Guidance from the Joint War Committee, which comprises syndicate members from the Lloyd’s Market Association (LMA) and representatives from the London insurance company market, is watched closely and influences underwriters’ considerations over insurance premiums.

Following Russia's invasion of Ukraine on Feb. 24, the JWC last month added Ukrainian and Russian waters around the Black Sea and Sea of Azov to its high-risk areas, as well as waters close to Romania and Georgia.

Withdrawn Russian invaders set up a specialized street market selling property looted in Ukraine. The "range" includes washing machines & dishwashers, refrigerators, jewelry, cars, bicycles, motorcycles, dishes, carpets, works of art, toys, cosmetics. In Belarus, Russians unload the loot from Ukraine from their military KAMAZs and send it to Russia by the Russian express delivery SDEK. This was reported by Ukrainian Intelligence & by Belarusian telegram channels supported by videos from post office https://facebook.com/DefenceIntelligenceofUkraine/posts/283500837294677 https://t.me/Hajun_BY/3615
Posted by Euromaidan Press on Saturday, April 2, 2022

Russia's maritime sector is grappling with the winding down of services including ship certification by leading foreign providers - vital for accessing ports and securing insurance - shipping companies pulling out and ship engine makers suspending training on their equipment due to the imposition of Western sanctions on Moscow.

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The report said that the inclusion of Russian waters by the JWC is expected to add to the cost pressures on shipping with Russia, including on grains exports.

It noted that global outcry at civilian killings near Kyiv as fighting shifts east

Source: nasdaq

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