Experts name alternatives to foreign insurance and reinsurance in maritime market
Eurasian Reinsurance Company is to start operation in 2023
When speaking at the 3rd Annual Conference “Risks in Maritime Insurance: Best Practices, Russian and International Experiences”, Alexey Karchiomov, Head of International Trade and Customs, Maritime Shipping and Transport Law Practices at EPAM Law Offices, speaker from the Maritime Arbitration Commission at the Chamber of Commerce and Industry of Russia, named several alternatives to foreign insurance and reinsurance.
Among them are attraction of Russian insurance and reinsurance companies as well as organizations of friendly jurisdictions, establishment of Eurasian Reinsurance Company (to start operation in 2023), securitization of reinsurance (so called cat bonds), creation of conditions for the development of competition in the reinsurance market.
The sanctions, first introduced by the EU and the U.S. in 2014, were significantly expanded after the beginning of Russia’s special military operation in Ukraine in February 2022. They currently consist of a broad spectrum of sectoral measures, including restrictions on finance, energy, technology and dual-use goods, industry, transport and luxury goods. The EU’s insurance ban was introduced on 4 June 2022. It prevents companies in the bloc from writing new insurance for any vessel carrying Russian oil anywhere.
