Japanese companies refused to insure ships in Russian waters: it is too dangerous because of war
From January 1, three Japanese insurance companies will stop insuring ships against military damage in all Russian waters. The possible danger has spread to the borders of the Black and Azov seas.
This is reported by Censor.NET with reference to RBC-Ukraine.
Tokyo Marine & Nichido Fire Insurance, Sompo Japan Insurance, and Mitsui Sumitomo Insurance began informing shipowners of their decision on Friday.
The move, made about 10 months after the beginning of the Russian invasion of Ukraine, was prompted by the refusal of foreign reinsurance companies to take on risks related to Russia.
The decision of the Japanese insurers means that war damage coverage will not be provided anywhere in Russian waters - not even in the Far East, far from the war in Ukraine. The lack of additional coverage for Russian waters would make sailing there too risky for most operators.
Japanese imports of liquefied gas from the Russian Sakhalin-2 project and other countries may be affected due to the inability to provide insurance coverage.
Shipowners must subscribe to additional military damage insurance before sailing through Ukrainian and Russian waters. Insurers must be notified in advance to monitor payment terms and premiums. Starting next year, shipowners will no longer have this option from the three Japanese insurers.
The insurers' decision reflects the industry's perception of the risks associated with war. The perceived danger has spread beyond the borders of the Black and Azov Seas, which are not far from the site of hostilities. Source:
https://censor.net/en/n3389051