The Indian Directorate General of Shipping has granted a one-month extension for the accreditation of four Russian companies—Soglasie, Yugoria, Sberbank Insurance, and ASTK Insurance—offering Protection and Indemnity (P&I) insurance for vessels entering Indian ports. This extension means that their insurance licenses are now valid until March 20, 2026, preventing any gaps in marine liability insurance coverage.
Permits for additional Russian insurance firms, including Sogaz, AlfaStrakhovanie, and VSK, remain valid until February 2030, while Ingosstrakh’s permits extend to February 2029. This development follows the withdrawal of Western insurers from the Russian market in 2022, allowing Asian companies, particularly from India and China, to fill the void in maritime insurance.
Liability insurance is mandatory for vessels operating in ports, as it covers third-party liabilities, pollution risks, and claims associated with maritime activities. This ensures compliance with international shipping regulations while safeguarding maritime operations within Indian waters.
