India has enlarged the list of Russian insurers authorised to offer marine cover for vessels calling at its ports, taking the total to 11 from eight, as per the Directorate General of Shipping.
Gazprom Insurance and Rosgosstrakh Insurance have been cleared to provide protection and indemnity cover until 19 February 2027, while Balance Insurance has approval until 19 August 2026, reported Reuters.
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India has likewise renewed approvals for Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance until 20 February 2027, allowing them to continue offering protection and indemnity (P&I) cover for ships.
The country currently depends on Russian oil for much of its needs under a temporary waiver, as the US-Israeli war on Iran has left the Strait of Hormuz effectively shut.
These Russian insurers mainly cover ships carrying Russian oil, while many Western providers have kept their distance from Russian cargoes because of tighter sanctions.
Russian insurers are outside the International Group of P&I Clubs, which supplies liability cover for personal injury and environmental clean-up claims for most of the world’s tankers.
Furthermore, India has approved Dubai-based Islamic Protection & Indemnity Club to provide marine cover until 19 February 2027.
India has also recognised VSK Insurance, Sogaz Insurance and Alfastrakhovanie until 20 February 2030, and Ingosstrakh Insurance until 20 February 2029, for P&I cover.
Last week, the US Treasury Department prolonged a waiver by roughly one month to mid-May, allowing foreign buyers to receive Russian crude loaded on tankers, reported Bloomberg. The US has been looking for ways to limit crude price rises as the war continues.
Recently, the Indian Union Cabinet approved the creation of a domestic maritime insurance mechanism, the Bharat Maritime Insurance Pool, backed by a sovereign guarantee of Rs129.8bn ($1.4bn).
The pool is intended to help maintain the availability of marine insurance.
Under the decision, the pool is designed to keep cover available for ships transporting cargo between Indian ports and overseas destinations in both directions, including voyages through high-risk maritime zones.
