Japanese insurers hikes premiums on LNG vessels in Russian waters by 80%

The price of insurance for LNG vessels could reach ¥20m.

The biggest general insurance companies in Japan are raising their premiums for ships carrying liquefied natural gas (LNG) and are sailing on Russian waters by as much as 80%, a report by Nikkei said.

The insurers who reportedly are raising their premiums for LNG ships are Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, and Mitsui Sumitomo Insurance.

Currently, policy costs around ¥12m ($92k) but insurance for LNG vessels could potentially reach up to ¥20m ($150k).

Russia is one of the largest LNG producers in the world.