💰 Ship insurers to cancel war cover for Russia, Ukraine from Jan 1

TL;DR

LONDON, Dec 28 (Reuters) - Ship insurers said they are cancelling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses.Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance clients on Jan. 1, giving them 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.P&I (protection and indemnity) clubs American, North, UK and West are no longer able to offer war risk cover for some liabilities in the region from Jan. 1, they said in recent notices on their websites."The Club's reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian or Belarus territorial risks," it said.Providers of reinsurance and retrocession include global players Hannover Re (HNRGn.DE), Munich Re (MUVGn.DE) and Swiss Re (SRENH.S), as well as syndicates in the Lloyd's of London (SOLYD.UL) market."

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