Insurance premiums for vessels calling at Russian and Ukrainian ports in the Black Sea have risen dramatically in recent days, driven by heightened hostilities and targeted strikes. According to Marsh, the world’s largest insurance brokerage, war risk coverage has now tripled following Ukrainian attacks on key maritime targets.
Prior to the recent escalation, insurance premiums typically ranged between 0.25% and 0.3% of a vessel’s value. However, two market sources who requested anonymity confirmed that coverage for certain Ukrainian ports has now reached 1% of insured value. This represents the highest spike in insurance costs for the region since the start of the conflict, signalling growing concern over the safety of maritime operations.
The Ukrainian military claims to have struck two tankers belonging to Russia’s “shadow fleet,” a network of vessels that operate covertly to circumvent international sanctions. In addition, two further incidents involving ships linked to Moscow have been reported since last week, indicating an intensification of targeted operations against commercial and military-linked shipping.
“Rates reflect the locations most likely to be hit and the probability of repeated incidents,” explained Munro Anderson, an industry analyst. “As hostilities escalate, the risk of Russian retaliation grows, creating a volatile environment for insurers and shipping companies alike.”
The rising threat is not confined to port facilities. Romania’s defence ministry reported the neutralisation of a Sea Baby drone 36 miles east of Constanta, underscoring the expanded geographical scope of potential attacks. Dylan Mortimer of Marsh added, “Rate increases are directly linked to attacks, which increasingly target vessels, ports, and terminal infrastructure. Shipping operators must now reassess risk management and contingency planning in the Black Sea region.”
The following table summarises the current insurance premiums and recent maritime incidents in the Black Sea:
| Vessel / Port Type | Previous Premium (% of Value) | Current Premium (% of Value) | Incident Description | Date Reported |
|---|---|---|---|---|
| Ukrainian ports (general) | 0.25–0.3 | 1 | Targeted strikes on commercial vessels | February 2026 |
| Russian shadow fleet tankers | 0.25–0.3 | 1 | Two tankers hit by Ukrainian operations | February 2026 |
| Constanta region | 0.25–0.3 | 0.5–0.7 (estimate) | Sea Baby drone intercepted by Romanian forces | February 2026 |
Shipping firms operating in the Black Sea are facing heightened operational costs and are revisiting navigational and insurance strategies in response to the escalating conflict. Analysts predict that, unless hostilities subside, insurance premiums may continue to rise, potentially affecting the wider maritime supply chain in the region.