Live updates: follow the latest news on Russia-Ukraine
Insurers have been told to treat the shipping lanes around Ukraine and Russia as high risk because of the precarious military position in Eastern Europe.
The guidance from a panel of London risk assessors emerged as Russia holds naval drills in the Black Sea and moves troops on land near Ukraine.
The list of high-risk sea lanes drawn up by the industry’s so-called Joint War Committee is closely watched and can influence the cost of insuring merchant vessels.
“With the increased naval activity, the possibility for a miscalculation is definitely there,” said Neil Roberts, the secretary of the committee.
“We would be remiss if we did not advise the market now and give it the ability to react.” he told Reuters.
The panel, made up of insurers and members of the Lloyd’s Market Association, normally meets four times a year to review its list of areas deemed high risk for vessels due to war, terrorism and related perils.
But it held an emergency meeting this week due to developments near Ukraine, which is on guard for a potential Russian attack.
The shipping lanes added to the list were in the Black Sea, where more than 30 Russian warships have reportedly held drills, and the Sea of Azov, which lies off annexed Crimea.
The effect of this on individual insurance contracts will be for the shipping companies involved to negotiate, said the panel.
An aviation committee met separately on Tuesday after two Ukrainian airlines revealed problems getting insurance for some of their flights. Other carriers have avoided flying over the country’s airspace.
Russia said in two announcements this week that some troops were pulling back from border areas near Ukraine and from annexed Crimea after finishing military drills.
Western leaders reacted with caution and said it was too early to say Moscow was moving to de-escalate.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
