Companies say they can no longer provide coverage to clients because reinsurers are exiting the region amid the conflictA group of companies known as P&I (protection and indemnity) clubs that offer insurance for the majority of the world’s ocean-going ships will stop providing war risk coverage in Russia, Ukraine and Belarus from January 1, according to notices on the groups’ websites.The notices said the insurers will no longer cover any loss, damage, liability, cost or expense “caused by or arising from or in connection with any Russia-Ukraine conflict and/or any expansion of such conflict.” At least 12 of the 13 P&I clubs have announced the move so far.Some of the globe’s largest providers of reinsurance include Lloyd’s of London, Hannover Re, Munich Re and Swiss Re. The firms have so far declined to comment on the move.READ MORE: Japanese firms to halt ship insurance for Russian waters – mediaFollowing a similar announcement by Japanese insurers last week, the Japanese government urged them to refrain from scrapping coverage for liquefied natural gas (LNG) shippers sailing through Russian waters, Reuters reported on Wednesday, citing a senior official.
This article article originally published by RT.
