Ukraine war makes the role of specialist marine brokers vital to ensure transparency and full disclosure
Air strikes and shelling are among marine insurers’ main concerns for vessels heading to ports in the Black Sea, but the war also has serious insurance ramifications closer to home.
SA insurers and consumers may not yet have recorded direct losses related to the war, but the marine sector is feeling its ripple effect, adding to the disruptions to shipping operations, logistics and supply chains already caused by the Covid-19 pandemic, the deadly floods in KwaZulu-Natal, 2021’s civil unrest and a host of other factors.
This problem, which emerged early in the pandemic, will now without a doubt be exacerbated by the crisis in Ukraine. The longer the cargo sits in a port the more likely it is to be subject to loss. Insurers must consider this when assessing and pricing risk. Ports are a crucial cog in the economic wheel. Bear in mind that when cargo is redirected away from “excluded” ports to alternative ports, this could lead to an accumulation of exposure in excess of anticipated location limits, leaving policyholders underinsured.Fuel costs globally have increased as a result of sanctions against Russia. In recent months our industry has seen a sharp increase in freight costs, with sea and air freight tripling in some instances.
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