Russian marine insurers secure India's approval: Report

The approval came after the Russian National Reinsurance Company provided financial guarantees.

Russia's state-owned reinsurer has backed three Russian insurance firms, enabling them to secure Indian approval for providing marine insurance to tankers, amidst Western sanctions.

According to a Reuters report, this move aims to facilitate trade between Russia and India.

Sogaz Insurance, Alfastrakhovanie, and VSK Insurance, along with Ingosstrakh, are now approved by India for marine insurance, as per an order from the Indian shipping regulator.

The approval came after the Russian National Reinsurance Company (RNRC) provided financial guarantees, marking the first reported instance of RNRC's support for Russian insurers in India.

The insurers' robust financial backing ensures stability, backed by RNRC, a wholly-owned entity of the Russian Government.

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These insurers specialise in protection and indemnity (P&I) insurance coverage, distinct from the Europe-based International Group (IG) of P&I clubs.

Despite Western sanctions restricting Russian oil trade, India continues to import discounted Russian oil, adhering to UN sanctions while disregarding others.

The accreditation of the Russian entities is valid until 20 February 2025, whilst Ingosstrakh's authorisation has been extended to 20 February 2029.