Russian waters of the Black and Azov seas added to the list of risky territories
On February 15, 2022 the Joint War Committee reviewed the areas and as a result JWLA – 028 was issued as a precautionary measure in respect of in particular Russian waters in the Black Sea and Sea of Azov on Hull War, Piracy, Terrorism and Related Perils Listed Areas.
The Russian Antiterrorism Insurance Pool (RATIP) is recognized in Russia as the centre of competence for insurance and reinsurance of these risks since its foundation in 2001.
This is true to the fact that military drills of the Russian Navy in the Black Sea and Sea of Azov are being conducted and It should be noted in this regard that earlier military drills of navies of other countries were left without any notice or response from the Joint War Committee.
Historically Black Sea and Sea of Azov have never been known as regions involved in terrorism acts and piracy. We confirm that RATIP has no known and/or reported losses on merchant ships trading in this area in connection with the above risks.
In consideration of the above we are of the opinion that the issue of JWLA – 028 by the Joint War Committee is politically motivated, not based on statistics and justification characteristic to the insurance and reinsurance and that unfortunately undermines credibility to the terms and conditions provided by the London market.