Insurers Expand Black Sea Risk Zone
Londons marine insurance market has designated the entire Black Sea as a high risk area. The move follows an escalation in attacks on commercial shipping vessels.
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London's marine insurance market expanded its high-risk Black Sea zone to cover the entire basin during Thursday's morning advisory, as attacks on commercial vessels accelerate. War risk premiums are now adding hundreds of thousands of dollars to every seven-day voyage across the key shipping corridor. The expanded reporting requirements reflect mounting risks for grain and crude oil shipments as the conflict between Russia and Ukraine enters its fifth year.
