Reinsurers have introduced an exclusion clause on Russia and Ukraine business at the 1 January renewals forcing protection and indemnity insurers to limit their fixed premium war risk cover.

The fixed premium business of P&I clubs — which mainly involves charterers liability cover and small specialist ships — is heavily reinsured in the London market.

TradeWinds earlier reported how reinsurers are under pressure to recover losses from Hurricane Ian and the Ukraine conflict.