London marine insurers widen high risk area as Ukraine conflict escalates

London’s marine insurance market has widened the area of waters around the Black Sea and Sea of Azov that it deems high risk, as Russia’s invasion of Ukraine intensifies and perils to merchant shipping grow.

Marine insurers said in advisory dated March 7 that the high risk area had been widened to waters close to Romania and Georgia after initially adding Russian and Ukrainian waters in the Black Sea and Sea of Azov in February.

Guidance from the insurance industry’s Joint War Committee is watched closely and influences underwriters’ considerations over insurance premiums.