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The invasion of Ukraine triggered a wide range of sanctions with both direct and indirect effects on our industry. These sanctions, coming on top of other sanctions already in existence, have made insurance companies’ compliance departments busier than ever before, with their officers being asked to do detective work regularly. In January this year, a tragic explosion onboard the tanker Smooth Sea 22 introduced us to a […]

Insurance premiums are doubling or more for some aviation and marine business particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, industry sources say. Global commercial insurance premiums rose 11% on average in the first quarter, according to insurance broker Marsh, which said the war was putting upward pressure on rates. But the overall figure masks sharper moves in some […]

Executive Summary This report from Windward, the leading Maritime AI™ company, offers proprietary insights from our artificial intelligence platform illuminating how Russia’s year-long war with Ukraine has impacted deceptive shipping practices (DSPs), trade routes, and more. The West has remained relatively unified and measures such as the oil price cap are working: the average monthly number of tankers that had a port call in Russia and subsequently […]

Insurers are facing half a billion dollars in claims for up to 60 commercial ships still stuck in Ukraine a year after the start of the war with Russia, industry sources said. When the conflict started, more than 90 merchant ships – many with food cargoes onboard – and some 2,000 crew members were caught in Ukraine and unable to leave due to the fighting. […]