Frederic Denefle, president of the International Union of Marine Insurance (IUMI), said marine war risk underwriters are finding solutions to providing cover for ships trading to Russia and Ukraine after reinsurers pulled their support.

Reinsurers introduced a Russian and Ukraine exclusion clauses when they renewed treaty cover with insurers at the annual 1 January policy renewal.

The clauses removed a critical layer of security for underwriters insuring ships carrying grain from Ukraine, or non-sanctioned oil and gas from Russia.