Black Sea War Insurance Soars 250% After Ship Attacks

Insurance rates for ships calling at ports in the Black Sea are surging after a series of Ukrainian attacks on vessels with links to Moscow.

The cost of covering visits to Russian ports in the Black Sea has jumped more than threefold, according to Marsh, the world’s largest insurance broker. Rates were between 0.25% and 0.3% of the value of the ship prior to the recent incidents, Marsh said.