Japanese firms to stop insuring ships in all Russian waters: report

Japanese seem to think about house heating, but equates to the possibility that 10% of Japanese businesses will finish.

This is a lose lose for everybody.

It is cheaper than what happens if the Russians win in their war against Ukraine. Democracies sticking together in the face of a dictator intent on expansion is one of the hard lessons that came out of WWII. Hitler could have been stopped without a world war had the Europeans stuck together against Hitler in the 1930s.

The insurance companies must know something we don't. At least in able to keep insuring my house, for the time being.

Apparently Lloyd’s of London refused reinsurance for the Japanese insurance companies.

tora

Today 08:34 am JST

The insurance companies must know something we don't. At least in able to keep insuring my house, for the time being.

They don't know more.

Read the news!

The Rich leaders of the USA, UK and EU (all millionaires) past laws forcing the European and American Insurance company to stop insuring Russian oil shipments.

And we pay the price.

What does Ursula von der Leyen care with $50 million net worth.

Joe Biden (officially) net worth $10 million.

Rishi Sunak somewhere from $850 million to $4 billion a little difficult to know as apparently a lot is hidden away in India.

Etc...

But don't worry they will tell us they are also feeling the economic paid and that the gave a can of soup to their local food bank.

USA and UK requests for aid from food banks ups 20% and growing faster.

People that use food banks also are cutting back on heating their home.

But don't worry the Millionaires club will have a nice vaccination like Trudeau ($10 million) in Jamaica after telling Canadians we meet to work together.

Same here, you support this.

Then lets work together and you can help pay the increases we are going to have as you feel it is worth it I don't so please send your money out way.

Put your money where your mouth is .

Europeans stuck together against Hitler in the 1930s.

BTW the only Nazi symptoms in this war are the Red and Black UPA (Ukrainian 1930s NAZI party) flag officially being used by Ukrainian troops.

So careful with the Hitler thing.

And more BTW those flags are illegal in Poland because the are Racist and part of the genocide done by UPA on ethnic Poles.

UPA National heroes in Ukraine since 2015 officially war criminal organization in Poland since 2018 in retaliation.

But it is Russia saying Nazi in Ukraine, nope Poland and Israel in 2015 said it.

Nearly all marine insurance ends up at Lloyd's of London.

Russian waters are very close to Japan.

Every Japanese family will pay for this in their monthly heating bill.

Marginal. If Russian invaded Hokkaido, this would be the least than would be appropriate.

The shipping lines can take insurance with other companies.

45 million people in Ukraine, currently minus the 7 million refugees from the war.

The Black and Red flag is traditionally the anarchist one.

Azov is a far-right all-volunteer infantry military unit whose members – are estimated at 900-2,500.

This will discourage Japanese maritime trade in Russian waters. A good move to support Ukraine and to reduce trade with Russia. The costs to Russia outweigh any cost to Japan, who can replace the small amount of LNG it gets from Russia, by purchasing from Malaysia or Australia its largest supplier of LNG by far.

This issue is about here and now, not about some other place or time. Russia is killing Ukrainians at Christmas right now, as they try to steal territory from Ukraine. No other story or past has relevance today.

Good old Japanese insurance companies -- want the easy money but none of the risks at all, regardless of how it will affect people.

Meanwhile, the government COULD just stop dealing with Russia while at the same time supposedly condemning it.

Meanwhile, the government COULD just stop dealing with Russia while at the same time supposedly condemning it.

You mean like Germany and Poland.

Here is a fun fact.

Germany and Poland have just made a new deal with Russia to extend crude oil purchases past 2022 long into 2023.

So will price caps and shipping insurance be a factor?

NO!

Why not?

Because they get their oil via pipelines and conveniently the price caps and insurance clauses don't apply to pipeline gas or oil only ships,

Meaning Japan and mostly poor countries like in Africa are the ones unable to get oil or gas.

Chinese insurance companies insure Chinese shipments and India with China does the same.

How convenient that is for the EU.

The hypocrisy is amazing.

Had Japan opted for a pipeline years ago as Russia offered there wouldn't be any problems.

Except Ukraine is not and has never been a democracy.

It's closer than Russia has ever been. It's a bit tough to improve civili society when you're being bombed by your fascist neighbor.

Insurance companies are guided by actuaries who decide on the risks.

Roy Sophveason

Today 12:23 pm JST

Antiquesaving,

> Germany and Poland have just made a new deal with Russia to extend crude oil purchases past 2022 long into 2023.

> That is what the boss of Transneft said on Russian television. Germany rejected that claim, reiterating that it will -- as previously announced -- not buy any Russian crude oil in 2023. They will buy from Kazakhstan instead.

> Here is a fun fact.

> Facts are only fun if they are true.

Correct facts are fun.

You got that from Bloomberg.

You forgot to point out Kazakhstan has said no such agreement was reached.

You forgot to point out that the next day Bloomberg had another article pointing out it is a pipedream.

No deal was reached, no pipeline from Kazakhstan is possible unless through Russia or via Russian black sea ports..

Germany is trying to arrange some sort of swap deal, in which technically it is buying Kazakhstan oil but actually getting Russian.

Basically pay Kazakhstan, they give to Russia Russia delivers oil (Russian) to Germany.

But as Julian Lee of Bloomberg put it: looks like a pipedream.

And you know this because the EU specifically left out pipelines from the caps and sanctions.

Try being honest why did they only cap shipments by sea?

Because Germany, Poland etc..are not affected.

But as we can see Japan is as are poor non pipeline connected countries.

https://www.bloomberg.com/news/articles/2022-12-21/germany-s-pivot-to-piped-kazakh-oil-looks-like-a-pipe-dream

No deal was reached, no pipeline from Kazakhstan is possible unless through Russia or via Russian black sea ports..

Kazakhstan had to abandon the Caspian Pipeline Consortium route through Russia last summer. Kazakhstan is shipping oil through two Azeri pipelines, one of which delivers products to the Turkish port of Ceyhan on the Mediterranean and the other delivers products to the Georgian Black Sea port of Supsa. The oil is brought from Kazakhstan by tanker to the Azeri port of Baku. Shipments using this alternative route commenced last summer. In the future a pipeline will carry Kazakh crude across the Caspian from Kuryk to Baku.

Desert Tortoise

Today 05:02 pm JST

No deal was reached, no pipeline from Kazakhstan is possible unless through Russia or via Russian black sea ports..

> Kazakhstan had to abandon the Caspian Pipeline Consortium route through Russia last summer. Kazakhstan is shipping oil through two Azeri pipelines, one of which delivers products to the Turkish port of Ceyhan on the Mediterranean and the other delivers products to the Georgian Black Sea port of Supsa. The oil is brought from Kazakhstan by tanker to the Azeri port of Baku. Shipments using this alternative route commenced last summer. In the future a pipeline will carry Kazakh crude across the Caspian from Kuryk to Baku.

What part of no deal is not understood?

FYI nobody is winning a war.

No one wins a war. The win is when war doesn't happen.

That all said, we need to make sure that it's clear Russia has lost this war. They started it, it's theirs to either walk away from, or be turned away from. This one is entirely Russia's fault, and Russia is the only party that can end it overnight.

What part of no deal is not understood?

You said:

"no pipeline from Kazakhstan is possible unless through Russia or via Russian black sea ports".

Well, that is not the case. Kazakhstan is not using any Russian pipelines or Russian Black Sea ports any longer. Kazakhstan is moving their oil across the Caspian Sea on shuttle tankers to Baku Azerbaijan where it enters two pipelines that are both outside of Russia. One runs from Azerbaijan to Georgia and the other from Azerbaijan through Turkiye. In the future there will be a pipeline laid on the Caspian Sea bed from Kazakhstan to Azerbaijan. Similarly Turkmenistan is looking to build a gas pipeline to carry Kazakh and Turkmen gas across the Caspian Sea to Baku for further pipeline transit to Europe.

again the small arrogant japan is making a mess with Russia to penalize the poor japanese honest citizen.

The shipping lines can take insurance with other companies.

Japanese insurance companies are late to the party in this regard. Pretty much all the many western maritime insurance companies have stopped selling hull or damage insurance for ships entering Russian waters due to the risk of war.

The Chinese will be happy to take the business.

No, their insurance companies are not writing insurance for ships entering a war zone.

Nearly all marine insurance ends up at Lloyd's of London.

No. Lloyds might be the largest maritime insurance company in the UK but they are not in the global top five. Britain is a comparatively small player in the global maritime insurance industry.

The top five maritime insurers are"

Allianz Group

American International Group, Inc.

Aeo Plc

Arthur J. Gallagher & Company

https://www.businesswire.com/news/home/20210203005543/en/Featuring-Top-5-Vendors-in-the-Global-Marine-Insurance-Market-Report-Competitive-Landscape-and-Key-Product-Offerings-Technavio

Lloyd's is the world's largest insurance marketplace and global distribution network, competing and collaborating to share risk whatever the size, location, industry or complexity.

Lloyds are insurance brokers.

It is not an insurance company, instead, it is a marketplace where insurance buyers and sellers come together.

Lloyd's is the world's largest insurance marketplace and global distribution network, competing and collaborating to share risk whatever the size, location, industry or complexity.

Irregardless they only represent maybe 20% of the global maritime insurance industry.

https://www.wsj.com/articles/lloyds-of-london-reviews-marine-insurance-market-as-losses-mount-1535128560