Major non-life insurance companies are expected to raise insurance premiums by about 80% from the end of this month over "ship war insurance" that compensates for damage to ships in Russian waters.

Reinsurers that underwrite some of the risks raised premiums following the prolonged Russian invasion of Ukraine.

According to sources, major non-life insurance companies Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Insurance Co., and Mitsui Sumitomo Insurance Co. will compensate ships for damage caused by military operations in waters around Russia and Ukraine. Regarding "marine war insurance," insurance premiums are expected to increase significantly from the end of this month.



The increase is expected to be about 80%, as reinsurance companies that underwrite some insurance risks have raised insurance premiums in response to the prolonged Russian invasion of Ukraine.



Regarding this insurance, the reinsurance company refused to accept the underwriting, so each company had temporarily suspended the provision of insurance, but as a result of negotiations with the reinsurance company, it is expected to continue until March this year. rice field.



However, the provision after April is unclear, and the procurement of LNG = liquefied natural gas from the Russian Far East oil and natural gas development project "Sakhalin 2" sailing in the target sea area will continue to be stable in the future. The question is whether it can be done.