The war risk insurance market has been hit by serious losses related to ships trapped in Ukrainian ports by the war with Russia, says law firm HFW partner Richard Neylon.

Speaking at the International Union of Marine Insurance (IUMI) conference in Edinburgh, Scotland, Neylon said most claims have now been settled, but at considerable cost to war risk underwriters.

He is unsure of the total values carried by the war risk market but, pushed for an answer, said: “If I were to put a figure on it, [it] would be over $500m, perhaps closer to $700m.”