Three Japanese insurance companies no longer want to pay for war damage in Russian waters. For shipping companies, this means higher risks – which could also affect Japan’s natural gas imports.
According to a media report, three Japanese financial institutions will soon stop insuring ships against war damage in all Russian waters.
The three insurance companies Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance have started to inform shipping companies about their decision, reported the Japanese financial newspaper “Nikkei Asia”. Accordingly, as of January 1, they will no longer cover damage resulting from the Russian war of aggression against Ukraine. This applies to all Russian waters, no matter how far away from the war.
Without additional security, operating ships in Russian waters would become too risky for most operators. This could also affect Japan’s imports of natural gas, which comes from the Russian Far East island of Sakhalin, it said.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
