War risks: Insurers start to quote on Ukraine grain shipments
War risk underwriters have started releasing quotes on dry bulks involved in humanitarian grain exports from Ukraine. The concerns for global food insecurity paired with the safe passage of ships in the early days of the trade and the recent announcement of standard operating procedures by the Joint Coordination Centre in Istanbul has also helped underwriters assess the risk more accurately.
Currently the London market quotes vary at around 2% (or lower) of hull value. It goes without saying that as more vessels safely cross the region, rates are expected to drop further.
The market players prepared to offer terms, for the time being are Beazley, Canopius, Ascot, AXA XL, Hiscox and the likes.
Source: Tradewinds 9th Aug 2022
