Ship insurers are set to cancel war risk cover across Russia, Ukraine and Belarus, as reinsurers face high losses.
Protection and indemnity clubs American, North, UK and West are no longer offering war risk cover for liabilities in the region from 1st of January. The clubs are among the biggest P&I insurers who cover around 90% of the world’s ships.
Providers of reinsurance and retrocession include global companies Hannover Re, Munich Re and Swiss Re, as well as syndicates in the Lloyd's of London market.
