“ THE IMPACT OF THE WAR IN THE INSURANCE MARKET IS AS MUCH A RESULT OF THE SIGNIFICANTLY CHANGED PERCEPTION OF WAR RISKS ”
CARGO AND MARINE INSURANCE
“ THE IMPACT OF THE WAR IN THE INSURANCE MARKET IS AS MUCH A RESULT OF THE SIGNIFICANTLY CHANGED PERCEPTION OF WAR RISKS ”
PETE TOWNSEND MILLER INSURANCE
What impact has the conflict had on shipping ? It ’ s not just the increased risk to insurers that has spooked the cargo and marine industry : like many industries , it has had to face up to the heightened threat from cyber attacks , whether from state-sponsored actors or lone individuals .
Shipping companies have had to make a decision about continuing to operate in Black Sea waters , in particular , being near to Russia-Ukraine fighting . And , of course , there ’ s the reputational damage that occurs for operators who choose to continue importing and exporting to Russia , or those who don ’ t terminate existing contracts with Russian firms . All of these factors have accumulated to compound the alreadydifficult situation that the global cargo and marine industry found itself in .
Writing at the beginning of this year , Rishita Agarwal and Shamil Adeeb of the Centre for Maritime Law at India ’ s National Law University Odisha , said : “ The International Monetary Fund had forewarned that this year ’ s already high shipping costs would increase dramatically and could stay there for a long time , leading to inflation . In the 18 months that followed March 2020 , the cost of shipping a container on the world ’ s transoceanic
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