New marine insurance facility established for Ukraine grain exports

Marine Insurance - Ukraine Grain Exports

The facility was created along with Ukrainian authorities to use the country’s sea corridor. Ukrainian authorities and marine insurance broker Miller have collaborated to create a new marine coverage facility for Ukraine’s grain experts using the country’s sea corridor. In July, Russia backed out of a UN-supported deal to allow Ukraine’s grain exports to sail from three ports. Since Russia’s withdrawal from the deal, Kyiv has created what it refers to as a new temporary humanitarian corridor for the purpose of sidestepping the stoppage Russia has put in place. Recently,…

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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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Insurance costs associated with war in Ukraine higher than Iraq war

Insurance costs - War in Ukraine

Industry sources are saying that coverage is now more expensive and more challenging to organize. Insurance costs associated with journalists, humanitarian workers, engineers and other people traveling to Ukraine are now more expensive and tougher to organize than was the case during the Iraq war. A growing number of insurers have started working their way into providing coverage for this destination. Though insurers had initially been hesitant to provide coverage immediately after Russia invaded Ukraine in February, several have started easing back, according to industry sources. That said, insurance costs…

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Global insurance industry will feel “substantial impact” from Russian invasion of Ukraine

Global insurance industry - Globe - fracture

AM Best has released a forecast regarding the effect the invasion is expected to have worldwide. The Russian invasion of Ukraine is expected to have a “substantial impact” on the global insurance industry, according to a forecast by AM Best. The invasion is expected to add to the already existing inflationary pressures economies worldwide are facing. The AM Best rating agency recently announced that the global central banks’ efforts, joined by those of the United States Federal Reserve, for controlling inflation will face additional challenges due to Russia’s invasion of…

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Utilities are showing more interest in cyber insurance protection

Cyber Insurance Coverage

Utilities in the United States may need insurance coverage to protect against digital threats Utilities in the United States are beginning to express concern over digital risks following cyber attacks that were seen in Ukraine in December 2015. As such, these companies are beginning to look into new cyber insurance policies, which may be able to offer them a degree of protection against digital threats. Malicious groups could do significant damage to a country’s energy infrastructure through a cyber attack and utilities are looking for ways to ensure that this…

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