While shipments have been moving out of Ukraine since Russia's suspension of its participation in the export deal, insurers are grappling with a changed risk environment and more uncertainty.
Ships entering the three ports, which have been part of the agreement, are usually required by their banks to have various insurance policies in place including hull and cargo war cover, which is renewed every seven days.
“Any shipments that come in to be quoted post yesterday will likely struggle to get coverage,” Ascot head of cargo Chris McGill told Reuters on Tuesday. Norwegian war risk insurer Gard said its focus was on doing what it could to support clients “in a turbulent time.” “Underwriters will be bearing in mind they won’t want to increase their exposure in the current situation. The hull insurers can quote but nothing is moving,” another source said.
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