Insurance rates spike for businesses with exposures to the Russian war in Ukraine

June 1, 2022May 31, 2022 G. Turner

Premiums have doubled or more for certain companies most affected by risks from the conflict. Insurance rates for businesses with exposures to the Russian invasion of Ukraine have doubled or more. This is particularly true of shipping firms and certain airlines. Throughout the first quarter of 2022, global commercial coverage premiums rose by 11 percent. The 11 percent insurance rates increase was announced by broker Marsh, which said that the Russian war in Ukraine was placing upward pressure on the premiums businesses are paying. That said, the overall hike in…

Indian shipping firms to transport oil despite sanctions

April 25, 2012May 26, 2012 Marc

EU sanctions putting strain on shipping industry As Europe and the U.S. begin to tighten sanctions against Iran, concerns regarding the impact these sanctions will have on the shipping industry have grown. Over the past year, sanctions have caused ripples in the industry because they threatened to prevent shipping firms that transport Iranian oil from obtaining insurance coverage. Pushed forward by the European Union, these sanctions banned maritime insurers from covering ships that carried Iranian oil. Some insurers have been granted waivers allowing them to cover these vessels, but coverage…