The Strategist

The UN discusses insurance of Ukrainian grain with Lloyd`s of London

09/08/2023 - 03:35

The British insurance business Lloyd's of London is in talks with the UN to secure supply of grain from Ukraine in case the grain deal is renewed.

Leif Jørgensen
Leif Jørgensen
The answer is yes, John Neal, the CEO of Lloyd's of London, told Reuters: "We want and can continue to provide insurance in case the corridor will be put back into operation and restored." "We are in active discussions with the UN about how that might happen and whether it needs to be structured in a different way," he added.

Oleksandr Hryban, the deputy minister of economy of Ukraine, announced on August 21 that a deal had been reached to insure grain ships going to and from Black Sea ports. The discussion included participation from Lloyd's of London.

The insurance program might be launched as soon as next month, and 5 to 30 vessels could sign up for it. Ukraine will set aside $547 million to cover ships navigating the Black Sea's passageways.