The initial three-month agreement is expected to pave the way for a five-year partnership focused on improving insurance affordability and resilience, RACT said.
The product provides protection against economic losses caused by navigation system disruption, including port-entry bans, vessel detention and delayed departures.
Insurance could help reduce uncertainty around accident and performance risks, but KIRI says many early-stage technologies remain difficult to underwrite.
Property, cyber and D&O buyers benefited from softer pricing in Q2, while underwriters applied greater scrutiny to casualty, auto and catastrophe-prone risks.
