London marine insurers widen high risk area as Ukraine conflict escalates

LONDON – London’s marine insurance coverage market has widened the world of waters across the Black Sea and Sea of Azov that it deems excessive threat, as Russia’s invasion of Ukraine intensifies and perils to service provider transport develop.

Marine insurers stated in advisory dated March 7 that the excessive threat space had been widened to waters near Romania and Georgia after initially including Russian and Ukrainian waters within the Black Sea and Sea of Azov in February.

Steering from the insurance coverage business’s Joint Conflict Committee is watched carefully and influences underwriters’ concerns over insurance coverage premiums.