Move comes as a result of reinsurers exiting the region in the face of heavy financial losses
explained there would no longer be coverage for loss or damage arising from the war in Ukraine, or in any territory where Russian forces are engaged in conflict across Russia, Belarus, Ukraine and the Republic of Moldova. That includes any seizures, arrest or restrained movement of ships and cargo in those regions.
In a notice to its members last week UK P&I club said: “Due to the impact of losses from the Russian/Ukrainian situation affecting the availability of global insurance and reinsurance capacity, the club’s reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian orSome of the biggest providers of reinsurance include Hannover Re, Munich Re and Swiss Re, all of which declined to comment.
The war in Ukraine is expected to cost the global insurance industry anywhere from £10bn to £12bn overall,
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia bans oil exports to countries that imposed price capPutin responds to ‘unfriendly’ move by G7, EU and Australia in wake of attack on Ukraine
Read more »
Kherson maternity hospital hit as Russia continues bombardmentRecaptured city comes under renewed shelling as Russia also reinforces eastern town targeted by Ukraine forces
Read more »
Russia intensifies attacks on liberated Kherson and eastern UkraineRussian forces have stepped up mortar and artillery attacks on the recently liberated city of Kherson in southern Ukraine, Ukraine's military says.
Read more »
Ukraine must demilitarise or Russia will do it, foreign minister warnsRussian Foreign Minister Sergey Lavrov has warned that Ukraine must meet Moscow&x27;s demand for "demilitarisation" and "denazification".
Read more »
Russia-Ukraine war at a glance: what we know on day 308 of the invasionPutin bans supply of oil to countries participating in price cap; heavy fighting continues in southern and eastern Ukraine
Read more »