The cost of insurance for ships with Ukrainian grain will increase hundreds of times.

Lloyd’s of London and other brokers are preparing to insure grain shipments from Ukraine, said the head of the commercial insurance market, Bruce Carnegie-Brown. He said that brokers and underwriters should announce individual programs in the coming days. Premiums for entering the vast Black Sea area have increased dramatically, to 5% of a ship’s cost, up from 0.025% before the invasion. Brokers have already shown interest in insuring vessels passing through the grain corridor. However, they are ready to do this only on the condition that international naval escorts will be present and a clear strategy for combating sea mines will be organized.