CARGO AND MARINE INSURANCE
“ SPECIFIC RISK APPETITE VARIES AMONG INSURERS , BUT ALL SHOW INTEREST TO WRITE MEDIUM- SIZED GENERAL CARGO ACCOUNTS AND SOME OPEN TO WRITING MORE COMPLEX PROJECT CARGO AND DSU ”
AON
trade routes climbed sevenfold , and the cost of transporting bulk items increased even further . The majority of the war ’ s consequences were felt in the Black Sea by ships going to or conducting business with Russia . As a result of the conflict and a Russian naval blockade of Ukraine , important ports like Odesa were closed .”
Agarwal and Adeeb suggested there could be broader implications further down the line – but not exclusively because of the war : “ Unfortunately , carrier uncertainty has intensified due to the effects of COVID-19 , traffic , rising costs , the energy transition , as well as the growing threats brought on by the conflict . Additionally , investment is constantly at odds with uncertainty . Although we will need more and more modern , energyefficient ships , shipowners and bankers will now expect a larger return on investment than before , postponing investment .”
Pete Townsend , writing in a Miller Insurance report published in the middle of 2022 , says : “ The impact of the war on the insurance market is as much a result
102 March 2023