The request was made in a joint letter from the Financial Services Agency and the Agency for Natural Resources and Energy to the country's general insurance association. The move comes after three insurance companies, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, and Mitsui Sumitomo Insurance, announced that they would stop offering marine war insurance for ships in Russian waters from January 1st.
The Sakhalin Island complex in Russia's Far East, partially owned by Gazprom and Japanese trading houses, accounts for 9% of Japan's LNG imports.
Insurers in Talks with Reinsurers to Continue Providing Marine War Insurance in Russian Waters
Tokyo Marine & Nichido Fire Insurance, Sompo Japan Insurance, and Mitsui Sumitomo Insurance have announced that they are in talks with reinsurers to continue offering marine war insurance for ships in Russian waters. The companies had previously announced that they would stop offering the insurance on January 1st.
The decision came after reinsurers warned they would no longer take on the risks related to war for vessels. However, the Japanese government has requested that insurers continue to provide the insurance to ensure Japan's continued import of LNG from the Sakhalin-2 project in Russia. The Sakhalin Island complex in Russia's Far East accounts for 9% of Japan's LNG imports.
