India grants interim relief to four Russian ship insurers

New Delhi: India has granted a one-month interim extension to four Russian insurers providing cover to ships arriving at domestic ports. According to the Directorate General of Shipping, Soglasie Insurance Company, UGORIA Group of Insurance Companies, SBERBANK Insurance and ASTK Insurance can provide protection and indemnity cover to ships till March 20. UAE-headquartered Sun UW MGA also got a similar extension.

The insurance is important for ships carrying high-value cargo, such as crude oil. Officials said these insurers provide cover to Russia's crude oil exports. Besides these companies, Russia-headquartered Alfastrakhovanie PCL, Sogaz Insurance Co. and VSK Insurance have permission to operate in India till 2030, while Ingosstrakh Insurance Company can do so till 2029.