Russian conflict exclusion clauses introduced by reinsurers from 1 January 2023 are set to severely limit marine war risk capacity to the country and send rates soaring.
A number of major reinsurers have introduced Russian conflict exclusion clauses to their 1 January policy renewals with primary insurers across all lines of business, including marine.
That will limit the ability of the leading war risk underwriters to provide cover for ships trading to all Russian ports, and Ukraine Black Sea ports, which have also been included in the exclusion clauses.
