GIC Re and New India Assurance are said to be leading the formation of a US$100m marine war-risk pool to cover vessels on high-risk routes in and around the Persian Gulf.
APAC insurers are well positioned to absorb Middle East-related stresses, but insurers in Singapore stand out owing to their position as a major shipping and insurance hub.
Iran's offer of conditional passage may ease the bottleneck in a limited sense for the 3,200 stranded vessels, but ships linked to the US, Israel, and countries deemed hostile to Tehran will remain bl...