Insurance companies are backing away from coverage of vessels going to Russian or Ukrainian ports.

Trade & Border IssuesHot SpotsInsuranceMoney Matters
Written By Jennifer Joslyn
Homer Simpson sitting at a table in his kitchen - he takes an envelope and says, "Absolutely, insurance is the greatest deal ever."

Talking Homer Simpson GIF via GIPHY

📔 Insurance companies are backing away from coverage of vessels going to Russian or Ukrainian ports.

Shipping firms transporting commodities such as oil and grains are beginning to panic as underwriters begin to pull back from reinsuring any risks that are related to the Russia-Ukraine war. Major German reinsurers Hannover Re and Munich Re have claimed all risks associated with the region will not be covered beginning in 2023. Shipping companies need insurance to protect against a variety of risks and hazards that can occur during the course of transporting goods by sea. These risks include damage or loss to the cargo being shipped, damage or loss to the vessel and its equipment, and liability for injuries or damages sustained by third parties.

Read more from Supply Chain Brain ▶

Featured
Proposed $5 Million Insurance Hike Could Rock the Trucking Industry
Proposed $5 Million Insurance Hike Could Rock the Trucking Industry

A proposed bill, dubbed the Fair Compensation for Truck Crash Victims Act, could significantly impact the trucking industry by raising the minimum liability insurance from $750,000 to $5 million—a hefty 566% increase.

Insurance Companies Pull Back from California Market
Insurance Companies Pull Back from California Market

Two more insurance providers, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., are set to exit the California insurance scene.

State Farm Ends Coverage for 72,000 Homes in California Amid Natural Disaster Risks and Inflation Concerns
State Farm Ends Coverage for 72,000 Homes in California Amid Natural Disaster Risks and Inflation Concerns

California's largest insurance company is discontinuing coverage for 72,000 homes statewide due to increased natural disaster risks and inflation.

Rising Insurance Costs and Market Pressures are Rampant in Trucking
Rising Insurance Costs and Market Pressures are Rampant in Trucking

Rising insurance costs are causing many trucking companies to call it quits, leading to a hyper-competitive market for insurers.

Rising Insurance Premiums Squeeze Corporate Profits
Rising Insurance Premiums Squeeze Corporate Profits

Hidden inflationary costs are squeezing corporate profits, and it's not just the usual suspects like input and freight costs.

UK Government Announces National Insurance Tax Cut but Fiscal Drag Impacts Workers
UK Government Announces National Insurance Tax Cut but Fiscal Drag Impacts Workers

The UK government has announced a reduction in National Insurance tax for workers from 12% to 10%, aiming to provide relief amid a cost-of-living crisis.

There Are Critical Considerations for 2023’s ACA Open Enrollment
There Are Critical Considerations for 2023’s ACA Open Enrollment

Millions of Americans purchasing health insurance through the Affordable Care Act (ACA) marketplace face the annual task of comparing benefits and prices, considering changes to their plans, or enrolling for the first time.

Examining the Potential Impact of Insurance Costs on the EV Revolution
Examining the Potential Impact of Insurance Costs on the EV Revolution

The incident involving a fire on a cargo ship carrying electric vehicles highlights potential insurance challenges and setbacks for the EV revolution.

Climate Change Renders Parts of America Uninsurable as Risk Increases
Climate Change Renders Parts of America Uninsurable as Risk Increases

Insurance companies are facing increasing difficulties in providing coverage for damages caused by rising average temperatures, leading them to withdraw from certain markets.

The mass adoption of autonomous trucks could transform the trucking insurance industry
The mass adoption of autonomous trucks could transform the trucking insurance industry

Autonomous trucks have the potential to reshape how we think about insurance in several ways.

Insurance premiums may calm in 2023, providing carriers some relief
Insurance premiums may calm in 2023, providing carriers some relief

After years of insurance premium hikes, carriers may see some light at the end of the tunnel in 2023.

Thieves are enabled by lack of reporting cargo theft, cays CargoNet
Thieves are enabled by lack of reporting cargo theft, cays CargoNet

Incomplete data and strained law enforcement can create an environment that is permissive to cargo theft, as thieves are able to exploit gaps in security, intelligence, and enforcement.

Starting January 1st, ship insurers are revoking coverage of Russia, Ukraine, and Belarus war risks
Starting January 1st, ship insurers are revoking coverage of Russia, Ukraine, and Belarus war risks

Insurance companies and reinsurers - those who insure the insurance companies - have been warning of scaling back after a multitude of losses associated with the conflict in Ukraine and Hurricane Ian.

Insurance companies are backing away from coverage of vessels going to Russian or Ukrainian ports.
Insurance companies are backing away from coverage of vessels going to Russian or Ukrainian ports.

Shipping firms transporting commodities such as oil and grains are beginning to panic as underwriters begin to pull back from reinsuring any risks that are related to the Russia-Ukraine war.

So… What happens after a truck crash happens?
So… What happens after a truck crash happens?

As it turns out, truck drivers are often easy targets for lawsuits, despite rarely being the party “at fault.”

Insurance talk can be a drag, but increasing premiums is a must
Insurance talk can be a drag, but increasing premiums is a must

Accidents involving big rigs, rising medical and litigation costs, inexperienced truckload capacity, and catastrophic losses are all putting major pressure on the insurance industry as a whole.

Insurance groups warn that self-driving cars can lead to dangerous situations
Insurance groups warn that self-driving cars can lead to dangerous situations

The Insurance Institute for Highway Safety (IIHS) is warning drivers that self-driving vehicles still require their attention.

UPS Healthcare revitalizes UPS Premier packages
UPS Healthcare revitalizes UPS Premier packages

UPS Healthcare has reworked its UPS Premier packages with the goal of meeting customers’ needs.

Flexport cargo insurance strategies may be the answer to your concerns
Flexport cargo insurance strategies may be the answer to your concerns

Cargo insurance is essential when it comes to ensuring some security during such trying and uncertain times for the supply chain.

Maritime insurance industry is risky business
Maritime insurance industry is risky business

he cost of running and maintaining steamships for shipping cargo across the sea is getting more expensive, as well as the product being moved.

Affordable Care Act’s “family glitch” being addressed for small business healthcare coverage
Affordable Care Act’s “family glitch” being addressed for small business healthcare coverage

Paying very high premiums is common for most people including their family on their plan.

Reducing expensive insurance costs in trucking industry
Reducing expensive insurance costs in trucking industry

As a business owner, you cannot only on insurance premiums. Instead, focus on limiting of the risk that your trucking company needs to assume.

Jennifer Joslyn
Previous

Reducing emissions in trucking is becoming a leading issue on the global stage
Next

An “early holiday rush” was almost nonexistent this year