Head of Insurance at Marine Insurance Services, Stanislav Kovaliov, presented sobering risk statistics at the BLACK SEA TRANSPORT CORRIDORS 2026: PORTS, RAILWAYS, SHIPPING conference. One of the most important facts is that in the event of a maritime accident under the General Average principle, cargo owners may be required to pay 10–20% of the cargo value to cover salvage operations. In such cases, the freight forwarder’s liability does not apply – only direct cargo insurance can provide protection.
The speaker also highlighted the current “war premiums” on the London market: cargo insurance for transit through the Strait of Hormuz can reach up to 20% with a very large deductible. In the Baltic region, demand for insurance has also emerged due to the risks of drone incidents, with rates quoted at around 0.25%.
Modern compliance has become much stricter. While 5–10 years ago cargo could be insured simply based on the invoice, today everything is checked – from HS codes to ultimate beneficiaries and vessel owners. Without accurate information, underwriters simply will not take on the risk.
As for new routes through Iraq or Syria, insurance is possible even there. However, this requires not only high premiums but also specific conditions, such as the use of armed guards in designated security zones.
“Today, invoice-based insurance is a thing of the past. We conduct deep compliance checks, verifying HS codes, carriers, and suppliers. Insuring routes through Iraq or Syria is possible, but it requires armed security and high deductibles.”
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