The global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea region, the International Union of Marine Insurance (IUMI) confirmed this week.
An estimated 10 million tonnes of grain has been successfully lifted from Ukrainian ports since the cessation of the Ukraine grain corridor in September 2023, using international tonnage insured by marine underwriters.
This comes after Russia’s military attacks on Ukrainian shore-side facilities raised the risk to shipping operations in the region. Much of the Ukrainian grain harvest has been successfully exported overseas thanks to insurance cover which has helped to stabilise international agri-commodity prices.
Russian attacks are continuing despite military intervention but vessel casualties have not been catastrophic. The insurance market is providing hull and cargo products at affordable prices and vessel owners are able to obtain the cover they require.
Suez Canal transits and global supply chains have been significantly impacted but this has not affected the marine insurance market’s ability to provide adequate cover – both for Red Sea/Suez Canal transits or for the longer route around the Cape of Good Hope.
