Assessment of the Sustainability of the Marine Insurance Market in the Black Sea Under Heightened Operational and Financial Risk

This paper analyzes the sustainability of the marine insurance market in the Black Sea region amid ongoing geopolitical instability and an escalating risk environment. It examines the impacts of operational risks (military actions, sea mine hazards, rerouting) and financial risks (surging war risk premiums, sanctions regimes, elevated freight rates) on vessel insurance coverage. The adaptation mechanisms of insurers and Protection & Indemnity (P&I) Clubs are evaluated alongside the broader implications for maritime supply chain security and transport economics in the Black Sea basin.