Move comes as a result of reinsurers exiting the region in the face of heavy financial losses
Ship insurers are cancelling war-risk coverage across Russia, Ukraine and Belarus from January, leaving cargo and freight companies liable for major losses linked to the ongoing conflict.
At least 12 of the 13 Protection and Indemnity (P&I) clubs – which cover 90% of the world’s ocean-going ships, including those from the UK and the US – said they would no longer be able to provide coverage to clients because reinsurers were exiting the region as a result of financial losses.
