Putin pushes BRICS insurance challenge to Western shipping establishment

AI Summary

At the BRICS summit, Russian President Vladimir Putin called for the creation of a new reinsurance mechanism by emerging economies to reduce reliance on Western insurance in the maritime sector. This could challenge the existing Western maritime insurance dominance.

Vladimir Putin has urged the world’s largest emerging economies to accelerate the creation of their own reinsurance mechanism, adding momentum to efforts that could eventually loosen the maritime industry’s century-long dependence on Western-centred insurance infrastructure. Speaking at the BRICS summit in New Delhi over the weekend, the Russian president called on members to develop their …