Lloyd’s is negotiating with the UN on insurance coverage for Ukrainian grain

British insurance company Lloyd’s of London is negotiating with the United Nations to insure the transportation of Ukrainian grain. The company’s CEO John Neal told Reuters.

As noted, the company is negotiating with the UN, if a new agreement on the extension of the Black Sea “grain corridor” is reached.

“Are we happy and can we continue to provide guarantees in case the corridor can work again and can be restored? The answer is yes… We are having active discussions with the UN about how that might happen,” Neal said, adding that these conversations include the possibility that insurance coverage might need to be structured differently than before,” Neal said.

According to him, providing insurance coverage is crucial for cargo leaving Ukraine, as “in the absence of UN intervention and UN authorization, we would not have authorized insurance.”

Neal noted that the Lloyd’s market estimates that the losses from the war in Ukraine, net of reinsurance, amount to USD 2 billion.

Tags: Black Sea grain corridor, Ukraine, UN