Due to the risks associated with the actions of Russian troops in the Black Sea, ship insurance has increased in price hundreds of times.
The insurance of vessels for the transportation of Ukrainian grain has increased in price 200 times, Reuters wrote on Thursday, July 28.
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“After the agreement between Russia and Ukraine on the export of grain, we are working hard with market participants to ensure that we can develop policies that can support this,” said Bruce Carnegie-Brown, head of commercial insurance market.
Brokers and underwriters should announce several programs in the coming days, he said.
Carnegie-Brown said risks remain in the deal because of the Russian missile attack on the port of Odessa.
“It is very important that the agreement remains in place. There are mines in the Black Sea – insurers can deal with that, but they will not be able to deal with serious violations of the agreement,” he said.
It was noted that premiums for entering the vast Black Sea area had risen sharply to 5% of the ship’s value from 0.025% before the invasion.
Recall that the previous day, work was resumed at the ports of Chornomorsk, Odessa and Pivdenny to start exporting grain. Work is carried out on navigational and hydrographic support for the safety of navigation.
Earlier, President Volodymyr Zelensky said that this week Ukraine will start exporting grain through the Black Sea in accordance with the Istanbul agreements. Everything is ready for this.
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Source: korrespondent
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