Ukraine parliament approves $500 million ship insurance fund

Ship insurance - Ukraine Flag

The country has made the move to help ensure that it can export more grain from its ports. As a component of a broader strategy to ensure it can export more of its grain, the Ukrainian parliament has approved a $500 million ship insurance fund to provide coverage for vessels experiencing any damage while at the country’s ports. The country is seeking to renegotiate the Black Sea Grain Initiative terms while Russia’s invasion continues. Ukraine is preparing for the renegotiation of the Black Sea Grain Initiative and have approved a…

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Allianz reports spike in ship insurance claims from Black Sea region

Ship insurance - Cargo ship out at sea

The high-risk area has caused global insurers to see more filings and it’s expected to continue. A recent Allianz Global Corporate & Specialty (AGCS) report shows that ship insurance claims are on the rise and are only expected to continue rising due to the Russian war in Ukraine. The claims are expected to increase due to damaged and lost vessels as the conflict enters sea lanes. By the time of the writing of this article, there had already been two people killed and six merchant vessels struck by projectiles in…

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