India expands marine insurance coverage for Russian shipping sector

India has expanded the list of Russian insurance companies permitted to provide marine insurance for vessels calling at its ports, according to Reuters, citing the country’s Directorate General of Shipping.

Under the regulator’s decision, the number of approved Russian insurers has increased from eight to eleven. They are now authorised to provide Protection and Indemnity (P&I) insurance, which is crucial for international maritime trade, including oil transportation.

The approved list includes, among others, Gazprom Insurance and Rosgosstrakh, both permitted to operate until February 2027. Licences for several other Russian insurers — including Soglasie, Sberbank Insurance, Ugoria, and ASTK Insurance — have also been extended, with some approvals valid through 2030.

India has also approved the Dubai-based Islamic Protection & Indemnity Club.

The decision comes amid growing reliance on alternative energy supply routes, as the conflict in the Middle East and disruptions in the Strait of Hormuz have increased pressure on global maritime transport stability.

By Jeyhun Aghazada