>Tokio Marine & Nichido Fire Insurance Co [RIC:RIC:MILEAA.UL], Sompo Japan Insurance Inc [RIC:RIC:SJII.UL] and Mitsui Sumitomo Insurance Co [RIC:RIC:MITSID.UL] started notifying shipowners about their decision on Friday, the business daily reported.

...

>The insurers' decision was prompted by reinsurance companies refusing to take on risks related to the war that Moscow launched 10 months ago, the newspaper said.

>The halt, applying even to waters in Russia's Far East, far from the fighting, could make shipping there too risky for some companies, it said.

this is what all western companies should do

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What’s going on in the world?

Heard of border fighting between Pakistan/Afghanistan, India/China…

Azerbaijan and Armenia also killing each other… seriously

They did back in June apparently. The article also say India has been insuring many of their ships in stead of EU and UK firms which apparently handle 95% of maritime shipping insurance. We may be finding out how solvent Indian insurance firms are

Serbia/Kosovo, Israel/All ME, Greece/Turkey, Saudi/Iran, NK/SK, Russia/West, China/West. This is how world wars start. The lines are being drawn economically, and soon militarily.

ELI5 what this means?

Yep, everything is good until one big disaster happens.

If you buy things transported by ship you need insurance or you will be offered the possibility of paying through the nose in case anything happens to the ship on its way.

Nobody is going to insure cargo on a ship that itself does not have insurance.

Many ports don't allow uninsured ships to dock either.

If its anything like their spam calls, theyll disolve the company at the first sign of consequences and make a new one the next day.

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And straits often won't transit ships without recognised insurance

Azerbaijan and Armenia have been at each others throats for decades now

Lloyds of Mumbai, where you think you're buying insurance, but it's actually just a sandwich from House of Lloyds.

Israel is not fighting against all the Middle East. When was there a shot fired between them and Jordan or Egypt or anyone other than Iran’s terrorist Islamist group targeting civilian cities and not Israel’s military?

China illegally invading Hong Kong After illegally invading Mongolia and Tibet and threatening to invade Taiwan is not China vs the West.

I wasn’t referring to shots fired, but alluding to the fact that tensions are high.

All those border disputes stretch back decades.

> When was there a shot fired between them and Jordan or Egypt or anyone other than Iran’s terrorist Islamist group targeting civilian cities and not Israel’s military?

I don't know, I can't think of any such times.

Yes but they won’t reject Indian insured ships.

The Hamburg Port Authority actually already did that a few times this year

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Yet Netherlands is India’s largest oil product market.

What is stopping these ships from insuring each leg of the trip under a different insurance company. An Indian pop up insurance company from India to just outside of the port, and a european company for while at the european port.

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Hurray for Japan! Gokorosama!

And? Hamburg is the 2nd biggest city in Germany and not part of the Netherlands.

Interesting fact from a field I never thought I'd explore, thanks!