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Shipping insurers moving to exclude Russian-Ukraine war claims

At least 12 of the 13 members of the International Group of P&I Clubs have changed policies to exclude claims stemming from Russia’s invasion of Ukraine.

By Alex Longley and Alaric Nightingale | December 29, 2022 at 01:05 AM
The amended terms apply to what are known in the industry as non-mutual, or fixed premium, war-risk policies — from which a higher-than-expected level of claims can’t be recovered from a club’s members at a later date. (Credit: Tim Rue) The amended terms apply to what are known in the industry as non-mutual, or fixed premium, war-risk policies — from which a higher-than-expected level of claims can’t be recovered from a club’s members at a later date. (Credit: Tim Rue)

(Bloomberg) — A host of shipping insurers altered their policies for 2023 to exclude claims linked to Russia’s war in Ukraine, a further sign of the industry’s growing concerns about losses stemming from the conflict.

At least 12 of the 13 organizations within the International Group of P&I Clubs — the main insurer of risks such as collisions and spills — have changed their policies to exclude claims stemming from Russia’s invasion of Ukraine. The 13 clubs are mutuals, owned by the shipping companies whose fleets they cover.

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