2 Mar 2023 12:03

Ingosstrakh reviewing terms of shipowner liability insurance after EU passes tenth sanctions package

MOSCOW. March 2 (Interfax) - Ingosstrakh has begun reviewing the terms of new and existing protection and indemnity (P&I) insurance policies for shipowners after the European Union imposed a tenth package of sanctions against Russia, the Russian insurer told Interfax.

"We are indeed now studying how we should work on the international P&I insurance market in the current circumstances. The review of terms might affect both new and existing policies," a spokesman for the company said.

He said conditions for working on the international market have now become significantly more difficult, but Ingosstrakh is trying to preserve relations with foreign partners. "This is why we are carefully studying all new restrictions that might affect our ability to continue working on the international market," he said.

Ahead of the EU decision on the latest package of sanctions, European media, citing sources, reported a preliminary list of companies against which restrictions might be imposed that included Central Bank of Russia subsidiary Russian National Reinsurance Company (RNRC) and Ingosstrakh, as a commercial insurer with the deepest expertise and experience in marine hull insurance (casco) and P&I insurance for shipowners. But the final sanctions list only included RNRC.