by Maria Mavroudi*
War risk insurance premiums for vessels trading in the Black Sea have increased significantly following a series of recent attacks on commercial shipping, prompting a rapid reassessment of risk by the insurance market.
Based on our experience, war risk rates for Black Sea port calls are now in excess of 1% of a vessel’s insured value, up from approximately 0.6–0.8% in late December, marking the highest levels seen since 2023. The increase reflects a material deterioration in the security environment, linked to the evolving dynamics of the Ukraine–Russia conflict.
Ships sailing into Russian or Ukrainian Black Sea ports, including terminals around the Sea of Azov, require additional war risk insurance, typically arranged for a seven-day period. The terms and pricing of this cover are now being reviewed every 24 hours, compared with the standard 48-hour review cycle that applied as recently as last month, highlighting the heightened volatility currently impacting the market.
The security situation has worsened sharply in recent days, with five tankers reportedly hit in the Russian Black Sea today and a further three bulk carriers affected in Ukrainian waters since Friday. These developments have triggered immediate underwriting reviews and further pricing adjustments across the region.
While insurance capacity remains available, it is increasingly selective. Underwriters are applying more conservative pricing assumptions, enhanced due diligence requirements and tighter timelines, all of which have direct implications for voyage planning and costs.
Shipowners and operators trading to or near the Black Sea are strongly advised to engage with their brokers at an early stage. At Searock Marine Insurance Brokers, we are actively monitoring market developments and working closely with underwriters to secure timely placement, manage pricing volatility and ensure full compliance with underwriting and due diligence requirements in this rapidly evolving risk environment.
*Maria Mavroudi, founding partner of Searock Marine Insurance Brokers,
