Marine insurers have expanded the Black Sea's high-risk zone due to rising attack threats on commercial vessels amid ongoing conflict.
The risk area in the Black Sea has expanded: Marine insurers have enlarged the high-risk zone.
The London marine insurance market has expanded the area assessed as high risk due to increasing attack risks on commercial vessels in the Black Sea.
According to the new assessment published by the Joint War Committee (JWC), the high-risk notification, which was previously applied primarily to the coastal waters of Russia and Ukraine, has now been extended to cover the entire Black Sea.
The decision was made following a recent increase in attacks on commercial vessels amid the Russia-Ukraine war. The Black Sea stands out as a significant route in global maritime trade for the transportation of grain, crude oil, and refined petroleum products.
War risk premiums are rising.
As costs rise in the marine insurance market, particularly regarding war risk coverages, additional premium applications for certain voyages are coming to the forefront.
The assessments of the JWC are used as an important reference in the risk evaluations of insurers within the Lloyd’s Market Association (LMA) and the marine insurance market.
Neil Roberts, the Chairman of LMA Marine and Aviation, stated that the entire Black Sea has been included in the reporting scope in the latest update. However, it was noted that voyages in the territorial waters of Bulgaria, Georgia, Romania, and Turkey are currently not included in this notification.
Commercial vessel operations are being closely monitored.
The increasing security risks in the Black Sea are affecting shipowners' route planning, insurance costs, and operational decisions.
With the rise in attacks in the region, shipping companies have begun to assess ship security, crew risk, and insurance conditions more comprehensively. Developments along the Black Sea route, particularly in the transportation of energy and agricultural products, are being closely monitored.
Source: SeaNews Türkiye
