War risk rates for ships sailing to Russia rise over 20%

War risk rates for ships sailing to Russia as well as other areas affected by the ongoing Ukraine war have jumped over 20% and could rise further after major reinsurers introduced a Russian conflict exclusion clause at the Jan. 1 renewals, TradeWinds reported. Insurers are left with little choice and can either to pull out of the market or underwrite the full war risk of vessels trading with Russia without the support of reinsurers.