The transformation of marine insurance as a way to improve the safety of navigation under conditions of sanctions and escalating military conflicts

Abstract

: One of the tools for improving the safety of maritime navigation is the Marine Insurance Institute. This article is an in-depth study of the phenomena accompanying the transformation of the marine insurance market under conditions of sanctions pressure and escalation of military risks. Several blocks of information are analyzed. Firstly, it is the impact of sanctions imposed on the Russian Federation on risk management in maritime navigation and the phenomenon of the "shadow fleet" as a systemic response to insurance restrictions. Secondly, considering the comparative experience of Iran and Russia and the expert assessments of insurance companies, scenario forecasting of the Russian strategy for the development of insurance services in the field of maritime navigation is carried out. Thirdly, the impact of the escalation of military risks on the maritime risk management system is investigated and problems related to the imperfection of Russian legislation are identified. Fourth, summarizing the research carried out, proposals for alternative risk management tools are formulated: securitization as a potential replacement for Western reinsurance; creation of the BRICS reinsurance pool; creation of the Russian Mutual Insurance Club (P&I); use of government guarantees with one-time insurance of these guarantees; creation of a national insurance company. The pros and cons of each of the proposed tools are being studied.