TOKYO – Three Japanese insurance companies that are set to halt marine coverage of risks related to the war in Ukraine starting next month are in talks with reinsurers to resume those operations, they said on Monday.
Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. Their comments confirmed local media reports on Saturday.
The change could affect Japan’s imports of liquefied natural gas (LNG) among other energy and commodities.
The insurers’ decision was…
Keep on reading: Japan insurers in talks with reinsurers to resume coverage in Russian waters
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