Japan insurers to continue maritime war insurance in Russia

Underwriting capacity shrinks, but deal designed to keep LNG imports flowing

Japan's utilities rely heavily on LNG imports from the Sakhalin-2 project in the Russian Far East. © Reuters

MASAYUKI SHIKATA, Nikkei staff writer

December 30, 2022 00:29 JST

TOKYO -- Japanese insurers will continue covering ships sailing through Russian waters against war damage in January and beyond, reversing an earlier decision to halt coverage, Nikkei learned Thursday.

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance had started informing clients on Dec. 23 that they would stop offering war risk coverage in Russian waters starting Jan. 1, after Western reinsurers withdrew coverage in Russia and Ukraine.