The move follows an exit from the region by reinsurers in the face of steep losses
Ship insurers said they are cancelling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses.
U.K. P&I Club said on Dec. 23 that the issue had arisen because of a lack of availability of reinsurance for reinsurers, also known as retrocession. Ships typically have P&I insurance, which covers third-party liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage.
The exclusions will make it harder for charterers to find insurance, increase prices and may mean some ships sail uninsured, industry sources say.
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