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Political sanctions put pressure on maritime insurance

Political sanctions such as the ones seen in relation to Russia/Ukraine constitute a growing challenge and are difficult to handle, says the International Union of Marine Insurers, IUMI, which will now deal with the problem.

Photo: Mikhail Metzel
BY KATRINE GRØNVALD RAUN

When the global society decides to introduce sanctions against Russia following the conflict in Ukraine, the developments also impact the maritime insurance companies.

And the political sanctions against countries such as Sudan, Iran and Syria constitute a "big and difficult problem for the industry," says Ole Wikborg, president of the International Union of Maritime Insurers (IUMI), in an interview with ShippingWatch.

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