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Japanese insurers continue marine war coverage in Russian waters

Posted On: Jan. 3, 2023 9:36 AM CST


Japanese insurers have resumed marine war insurance coverage for liquefied natural gas shippers in Russian waters, following negotiations with reinsurers, and after pressure from the Japanese government not to drop the business, Reinsurance News reports citing Nikkei. Reinsurers from the U.K. may cover 30 billion Japanese yen ($224 million), with domestic insurers covering some JPY8 billion and overseas reinsurers covering JPY22 billion. At this level, underwriting capacity is less than half of JPY67 billion that was previously in place.