The government has asked insurers to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said.
The Financial Services Agency and Agency for Natural Resources and Energy made the rare request in a joint letter to the country's general insurance association. Tokyo wants to ensure Japan will continue to import LNG from the Sakhalin-2 project in Russia, the industry ministry official said.
"The FSA and ANRE have asked insurers to take actions to continue offering marine war insurance for the shipowners to transport LNG from Sakhalin-2 as it is key for Japanese energy security," the official said.