Lloyd's will not insure ships carrying Ukrainian grain until the route is approved by the UN
However, another major insurer, Beazley, is insuring them now
John Neal, CEO of the world's largest insurer Lloyd's, said that his company would be ready to insure grain shipments from Ukrainian ports only if international corridors can be established, similar to the grain deal that was broken by Russia. The company is currently discussing this with UN representatives.
Source. Reuters writes about it.
"In the absence of UN intervention and UN approval, we do not authorize insurance," said Lloyd's CEO.
He noted that Lloyd's also communicates with players in the Ukrainian insurance market – "what can we do to support and help you? Do you need reinsurance?"
After the collapse of the grain deals, Ukraine began to develop an alternative route for ships – close to the coast, as Russian warships are afraid to approach, and then through the territorial waters of Romania and Bulgaria.
Several ships have already passed through this corridor, and not only with grain.
Adrian Cox, CEO of Beazley, another major insurance company, confirmed to Reuters that his company insures these voyages: "We are in this market to provide the insurance needed to get these ships moving."
Background. In August, the FT reported that Lloyd's was close to resuming insurance for grain ships in the Black Sea. The scheme could provide insurance for five to 30 ships.
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