97 days into the Ukraine-Russia conflict, the ongoing impacts of the strife are only becoming clearer. A recent report from Reuters has highlighted that industry sources are seeing insurance premiums doubling or more for aviation and marine business which are particularly exposed to the war, increasing costs for airline and shipping firms.
Earlier this year, the insurance broking giant Marsh revealed that global commercial insurance premiums rose 11% on average in the first quarter, with the war putting upward pressure on rates. However, Reuters noted that this figure obscures sharper moves in some sectors, and only covers the first five weeks of the invasion. It also highlighted that war is typically excluded from mainstream insurance policies.