Reinsurers typically renew their 12-month contracts with insurance clients on Jan. 1, meaning they have the first opportunity to scale back exposure since the war in Ukraine started, after being hit this year by losses related to the conflict and from Hurricane Ian in Florida. A proposed contract clause being circulated by reinsurers excludes war-related claims for planes or ships in Ukraine, Belarus and Russia, the four sources told Reuters.
By Steven Arons, Áine Quinn and Alex Longley (Bloomberg) — Some of the biggest names in ship reinsurance are days away from ceasing to cover key war-related risks for vessels going.
When Russia blockaded ships from leaving Ukrainian ports in February 2022, Chris McGill, Head of Cargo at Ascot could see the potential humanitarian crisis unfolding.