Following the recent attacks on tankers operated by Greek operators in the Black Sea, insurers have significantly raised the cost of war insurance for vessels entering Black Sea ports. The current rate has reached 1% of the vessel’s value, nearly double the level at the end of December, when it was 0.6–0.8%.
This is reported by Finway
Increasing Risks and Rate Volatility
Insurance companies note that after a series of drone attacks on tankers transporting Russian oil, war insurance rates have reached their highest levels since 2023. This became particularly evident in early December. Brokers add that in recent weeks, the cost of insurance in the Black Sea has been extremely volatile and has changed almost daily.
Additional Requirements for Vessels in High-Risk Areas
Vessels planning to enter Ukrainian or Russian Black Sea ports, as well as terminals near the Sea of Azov, are required to obtain separate insurance for war risks. Typically, such a policy is issued for a seven-day period, and its terms are reviewed daily, highlighting the instability of the situation in the region.
“The rapid increase in risks, with few warning signs, has become the hallmark of the Black Sea region,” said Munro Anderson from Vessel Protect, a specialist in marine war insurance.