War insurance in the Black Sea soared by 250% after attacks on oil tankers

The cost of insuring ships entering Black Sea ports has more than tripled after a series of Ukrainian attacks on Moscow-linked maritime targets. This is stated in a Bloomberg article, citing broker Marsh, writes UNN.

Details 

According to Marsh, the world's largest insurance broker, coverage costs for visiting Russian ports have increased by more than 250%.

Previously, rates ranged from 0.25% to 0.3% of the vessel's value, but now underwriters charge up to 1% for some Ukrainian ports. Experts emphasize that the increase in risks is a reaction to the escalation.

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For Russian ports, insurance companies consider a wider range of possible strike locations and a higher probability of their recurrence 

According to Dylan Mortimer, head of marine war operations at Hull, UK, rates "are steadily increasing in response to further attacks, which appear to be increasingly targeting vessels, as well as port and terminal infrastructure."

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