I wonder if this will affect Russian private insurers who cover Russian private business and leisure travel to foreign destinations.

Aren't they already excused because of the "act of war" clause?

It is not a war, it is a special operation. /s

But I thought the same.

No, international ship insurance covers unanticipated acts of war and/or piracy. The problem is that when you've got a full-blown war with attacks on shipping in a specific area, the amount of losses exceeds what insurers can tolerate, so they'll either cancel coverage in that specific region, or significantly increase fees for coverage in that region.

No, putin called it a war like a week back

> American P&I said on Dec. 23 that it had received a "notice of cancellation" for the region from its war risk reinsurers and was cancelling its own insurance as a result.

>Ships typically have P&I insurance, which covers third-party liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage.

War surcharge will go up to a few hundreds.

Nothing will change

The lines servicing that area will make beaucoup bucks

Source: was in shipping servicing Syria when all hell broke loose. Went from great money to mad money.

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Those insurers buy reinsurance, so yes.

> Reinsurers, who insure the insurers

We need to go deeper.

Iirk he was sued for this

Who insures the Reinsurers?

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If I recall knowingly?

The article tells you: they’re called “retrocession”

Lloyd's of London

A giant turtle.

I'm sure I read once that the Apollo programme (or the Saturn rocket itself, I can't remember now) used several insurance companies, who themselves also had to be backed up by several insurance companies, who in turn also had several insurance companies.

So, it's essentially like flood insurance if you live in a floodplain then?

The rereinsurers

People are burning their own properties in Russia to collect insurance because the economy is sucking. Will get worse. Would you insure anything there?

I know plenty on the matter. What do you want to know?

Yes. Adjust your risk models and charge the appropriate premiums.

When did mitch McConnell start an insurance company?

Lloyds

Thanks, DYAC!!!

Submarine insurance?

I think he looks more like an oyster crossed with a groundhog

This is how all insurance works. Health insurance for a smoker will be higher for example.

I appreciate the offer but I was just chuckling at the fact that insurers have insurers.

It’s a funny concept to wrap your head around!

But for example, think of an area that’s quite for one to natural disasters. Florida, the pending earthquake in California, the Caribbean, Japan’s regular earthquake, tornado alley.

When those natural events occur and wipe out sometimes an entire nation, insurance companies often do not have cash on hand to payout every one of their policies. That’s where reinsurance steps in.

Great news. Russia moving from 2nd world to 3rd shortly.

On what currency? Its rate changes too fast.