19 September 2026
Executive Summary
London’s marine insurance market has widened its high-risk reporting requirements to cover the entire Black Sea, reflecting a significant deterioration in the security environment for commercial shipping.
The Joint War Committee, whose members include representatives of the Lloyd’s and London company insurance markets, announced the change after a sharp increase in attacks on commercial vessels during the past two months.
Previously, the coastal waters of Russia and Ukraine were already designated as high risk.
The new requirements extend reporting across the wider Black Sea.
Voyages remaining within the territorial waters of neighbouring countries including:
- Bulgaria.
- Georgia.
- Romania.
- Turkey.
do not currently require notification under the expanded arrangements.
The Black Sea remains an important international corridor for:
- Grain.
- Crude oil.
- Refined petroleum products.
- Agricultural commodities.
- Industrial cargo.
War-risk insurance costs have already increased substantially, with premiums adding hundreds of thousands of dollars to some seven-day voyages.
The important change is that insurers are no longer treating maritime risk as concentrated primarily around the Russian and Ukrainian coastlines.
UK Impact
UK businesses may encounter the consequences even without directly shipping to Russia or Ukraine.
Potential exposure includes:
- Higher marine insurance.
- Increased freight costs.
- Vessel availability.
- Longer routes.
- Cargo delays.
- Grain prices.
- Energy costs.
- Contractual disputes over surcharges.
Businesses buying commodities originating around the Black Sea should establish precisely which route their cargo will take.
A supplier quoting a delivered price today may also face significantly different insurance or freight costs when the vessel actually sails.
Global Impact
The Black Sea remains one of the world’s important commodity-export corridors.
Escalating attacks on commercial shipping therefore create consequences well beyond the region.
Shipowners may respond by:
- Increasing freight rates.
- Demanding additional war-risk premiums.
- Refusing particular voyages.
- Changing routes.
- Requiring contractual indemnities.
- Delaying sailings.
Even where ports remain operational, the commercial willingness to enter the region can therefore decline.
The development comes while global shipping is already managing serious disruption around Hormuz and the Red Sea.
That matters because shipping capacity and insurance capital are not unlimited.
Several geographically separate maritime risks are increasingly competing for the same vessels, insurers and alternative routes.
Our View
Businesses should distinguish between a port being operational and a voyage remaining commercially insurable.
Companies should ask:
- Does cargo enter the Black Sea?
- Which ports are involved?
- Which waters will the vessel cross?
- Does the voyage now require insurer notification?
- Has the carrier reconfirmed the sailing?
- Have war-risk premiums changed?
- Who pays additional premiums?
- Can freight surcharges be passed through?
- Could the shipowner refuse the voyage?
- Are alternative ports available?
- Could cargo move by rail?
- Are alternative suppliers genuinely outside the region?
- Does cargo insurance remain valid?
- Are exclusions understood?
- Could delays breach customer contracts?
- Is additional inventory justified?
There is also a wider risk-management lesson.
Businesses often map supply-chain exposure around ports and countries.
Increasingly they must also map the water between them.
A supplier can remain operational, a port can remain open and a commodity can remain available — yet the supply chain can still fail because the voyage becomes commercially unacceptable.
Risk Indicator: SEVERE – BLACK SEA, MARINE INSURANCE & SHIPPING
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The information contained within these Market Alerts is provided for general market awareness and informational purposes only. It does not constitute financial, legal, investment, regulatory or insurance advice. Whilst every effort has been made to ensure accuracy at the time of publication using multiple reputable and independently verified sources, geopolitical events, legislation, regulation and market conditions may change rapidly. Readers should obtain appropriate professional advice before acting upon any information contained herein.
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