Government officials have reportedly begun talks with US officials to secure political risk insurance and financial guarantees for vessels carrying oil and gas from the Middle East.
Ping An’s emergency response unit issued 59 risk alerts and 23 analysis reports on Middle East tensions, responding to 52 customer enquiries since January.
South Korea’s financial authorities have pledged coordinated action, data exchange, and support measures in response to heightened geopolitical tensions in the Middle East.
Tokio Marine & Nichido Fire Insurance, Mitsui Sumitomo Insurance, and Sompo Japan are considering broadening their high-risk zones amid the escalating Middle East conflict.
Insurers have set up 24/7 hotlines and the ICA has set up a task force and is working with the government to track claims and support Australians affected by the conflict.
Shipping firms face stricter underwriting terms and rising costs as marine insurers react to heightened conflict risk in the Gulf and surrounding waters.
