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The Ukraine war, its impact on marine insurers and the role of war risk insurance

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The Ukraine war is first and foremost a human tragedy with major implications for global trade and shipping operations. The ongoing military action in the Black Sea and the Sea of Azov present an immediate threat to the safety and security of crews and vessels operating in the area. Many seafarers continue to be trapped on their vessels unable to leave Ukrainian ports. Cargo owners and their insurers are exposed as well due to storage risks, both on land and on blocked vessels.

The Ukraine war also brings into focus the interaction between H&M, P&I, war risks and cargo insurance. The conflict could lead to losses qualifying as war risks.

In this webinar, three expert speakers provided an overview of the current security situation as it relates to maritime operations. They further discussed how war risk covers are designed to supplement ordinary insurances against marine perils and offer examples of how the different covers attach under various scenarios.

Speakers and topics they cover:

  • Anders Hovelsrud, Insurance Director, DNK: Update on the security situation in the Black Sea and Sea of Azov & implications for vessels and war risk insurance in the future
  • Neil Roberts, Head of Marine and Aviation, Lloyd’s Market Association: Listed areas & seeing through the “sanctions jungle”
  • Frédéric Denèfle, Managing Director, Garex: Implications for cargo insurance

 

Disclaimer: This webinar was held on May 24, 2022. The situation of the conflict in Ukraine is fluid and any changes which have occurred after the webinar was held will not be reflected in the recording.

 

Please click here to access the RECORDING, the SLIDES of Anders Hovelsrud, the SLIDES of Neil Roberts, the SLIDES of Frédéric Denèfle.

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