The shadow fleet of tankers is seeking out new insurers to cover Russian oil cargoes sanctioned in the West.
And an investigation by non-profit journalism group Danwatch has uncovered new entrants to the market in unexpected locations.
Danwatch worked with Bloomberg and drew on data gathered in Estonia, where authorities inspected the insurance documents of around 150 tankers carrying Russian oil in July and August.
They discovered that between 20% and 25% had coverage from Russian firms.
But only about 40% of Russian-trading vessels were willing to show papers.
Russian National Reinsurance Co (RNRC), backed by the central bank, provides reinsurance for three Russian insurance companies.
Domestic insurer Ingosstrakh was well known before the Ukraine war, but AlfaStrakhovanie and Sogaz were less so.
Estonian authorities also reported that a Cameroonian insurer and a Kyrgyz firm covered at least two tankers each. The companies were not named.
G7 insurers can only cover vessels shipping oil below the $60 per barrel price cap.
The report raises the question of what would happen regarding an insurance payout in the event of an accident in the waters of a country that Moscow deems hostile.
Mike Salthouse, head of external affairs at huge UK insurer NorthStandard, told the investigators: “Those suffering loss — fishermen, the tourist industry, for example — may experience delays in receiving compensation or may not receive compensation at all.”
RNRC has not commented.
Ingosstrakh ‘well-capitalised’
Ingosstrakh told Danwatch it is a well-capitalised firm and very able to meet claims. It would not need a reinsurer to do so.
It also said it had not sought to expand its maritime cover since the invasion of Ukraine, and has removed or refused cover for more than 100 of what it described as substandard ships.
Ingosstrakh added that it is not correct to suggest that it intentionally insures cargoes that breach the price cap rules.
