Black Sea attacks: war risk insurance rates soar

Recent Ukrainian strikes on Russian vessels and port facilities in the Black Sea have sent shockwaves through the marine insurance sector.

War risk premiums have tripled in the span of a month, climbing from 0.25%–0.3% of a ship’s value in early November to 0.5%–0.75% in early December.

For certain voyages, rates could climb as high as 1% of a vessel’s value, with the steepest increases affecting oil tankers connected to Russia.

Industry experts warn that premiums may rise further if the conflict escalates.