India Expands Russian Insurers List for Marine Cover at Ports

India has expanded the pool of Russian insurers approved to provide marine insurance cover for vessels calling at its ports. The Directorate General of Shipping confirmed that the number of eligible Russian insurers has increased from 8 to 11.

The decision allows continued protection and indemnity cover for ships, particularly those carrying oil cargoes. The move comes amid supply route disruptions linked to geopolitical tensions in West Asia.

Approval of Additional Russian Insurers

India has permitted Gazprom Insurance and Rosgosstrakh Insurance to provide protection and indemnity cover until February 19, 2027. Balance Insurance has been granted registration validity until August 19, 2026.

With these additions, the total number of Russian insurers recognised by Indian authorities has risen to 11. The approvals allow vessels insured by these entities to access Indian ports without regulatory hurdles related to marine cover.

Extension of Existing Registrations

The Directorate General of Shipping has also extended the registration of several existing Russian insurers. Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group, and ASTK Insurance have received approval extensions until February 20, 2027.

These insurers are authorised to continue providing protection and indemnity cover for ships operating in Indian waters. The extensions ensure continuity of coverage for vessels already reliant on these insurers.

Strategic Energy and Trade Context

India, the world’s third-largest oil importer and consumer, has been increasing its reliance on Russian crude oil. This shift is supported by a temporary waiver as the US-Israeli conflict involving Iran has kept the Strait of Hormuz effectively closed.

As a result, uninterrupted maritime transport has become a critical requirement for meeting domestic energy demand. Insurance availability plays a central role in maintaining the flow of oil shipments under these conditions.

Insurance Role and Market Limitations

Marine insurance is essential for maritime trade, especially for oil cargoes that are subject to strict safety and environmental liability standards. Russian insurers are largely covering vessels transporting Russian oil, as most Western insurance providers avoid such cargoes due to international sanctions.

These Russian entities are not members of the International Group of P&I Clubs, which typically provides liability cover for most global tanker fleets. Despite this, India has continued to recognise these insurers to support trade continuity.

Read More: Indian government to Launch ₹12,980 Crore Bharat Maritime Insurance Pool to Guard Shipping Interests.

Conclusion

India’s decision to expand and extend approvals for Russian insurers reflects operational requirements in the current global energy landscape. Additional approvals and extended registrations ensure that vessels carrying oil can continue calling at Indian ports with valid marine cover.

The move addresses insurance constraints resulting from sanctions and regional disruptions. Overall, the step supports stability in maritime logistics while maintaining regulatory oversight of marine insurance providers.

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