India expands Russian insurers to secure oil shipping cover

The approvals raise the total number of authorised providers to 11 for marine risk protection.

India has widened the number of Russian insurers allowed to provide marine cover for ships docking at its ports, raising the total to 11 from eight, according to its Directorate General of Shipping, Reuters reported.

The approvals include Gazprom Insurance and Rosgosstrakh Insurance, which have been authorised to offer protection and indemnity (P&I) cover until 19 February 2027. 

The registration of Balance Insurance is valid until 19 August 2026.

India has also extended approvals for Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance, allowing them to provide P&I cover until 20 February 2027.

The move comes as India, the world’s third-largest oil importer and consumer, continues to rely heavily on Russian crude to meet demand. 

Purchases have been supported by a temporary waiver amidst ongoing disruption linked to the US-Israeli war on Iran, which has effectively closed the Strait of Hormuz.