London Insurers Expand High-Risk Zones in Black Sea

Maritime insurers in London (United Kingdom) have expanded the area considered high-risk in the Black Sea. The measure has been adopted due to the intensification of naval attacks between Russia and Ukraine.

It should be noted that the Black Sea is an important and key trade route for the transport of grain, oil, and other refined products for countries such as Bulgaria, Georgia, Romania, and Turkey.

It has been reported that "the Joint War Committee (JWC) is made up of members of the Lloyd's Market Association syndicate and representatives from the London company insurance market, and its guidelines influence underwriters' considerations regarding insurance premiums."

In this regard, Neil Roberts, Head of Marine and Aviation at the LMA and Secretary of the Joint War Committee, stated that "this week, the JWC has extended the Black Sea notification requirements to the entire Black Sea area. The coastal waters of Russia and Ukraine were already on the list," he concluded.