Japanese insurers will impose steep hike on ships carrying LNG in Russian waters

Japanese insurers intend to raise insurance policy costs for ships carrying liquefied natural gas (LNG) in Russian waters by about 80% from this Wednesday, according to a report in Nikkei Business Daily.

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance Co would probably increase policy costs for damages caused to vessels to more than ¥20m ($154,000), compared with a price this time last year of about ¥12m, the report said on Monday January 23rd.