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Japan Shipper Seeks Government Support for Russia Insurance Risk

  • Nippon Yusen’s Soga says private sector alone can’t cover risk
  • Insurers in December halted coverage in region affected by war
Takaya Soga
Takaya SogaPhotographer: Akio Kon/Bloomberg

Major Japanese shipping company Nippon Yusen KK is seeking a government guarantee to insure vessels at risk from Russia’s war in Ukraine. 

Conditions for getting war insurance for ships entering Russian territorial water have gotten stricter, said Takaya Soga, the company’s chief financial officer who will become president in April. He said the private sector alone can’t cover for the risks.