Three Japanese insurers to halt coverage for ships in Russian waters

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance have decided to stop insuring ships in Russian waters, effective 1 January 2023.

The decision was prompted by the refusal of international reinsurance companies to underwrite the risks of ships linked to the war in Ukraine.

The coverage suspension could, nevertheless, impact Japan's energy imports, including liquefied natural gas.