The amended terms apply to what are known in the industry as non-mutual, or fixed premium, war-risk policies — from which a higher-than-expected level of claims can't be recovered from a club's members at a later date. (Credit: Tim Rue) The amended terms apply to what are known in the industry as non-mutual, or fixed premium, war-risk policies — from which a higher-than-expected level of claims can't be recovered from a club's members at a later date. (Credit: Tim Rue)

(Bloomberg) — A host of shipping insurers altered their policies for 2023 to exclude claims linked to Russia's war in Ukraine, a further sign of the industry's growing concerns about losses stemming from the conflict.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Commercial Lines
E&S/Specialty
Reinsurance