Deal brokered a week after fatal missile strike on Philippines-owned vessel, KMAX Ruler, caused premiums to soar.
GIC Re and P&C insurers deliberate reallocating portion of 150bn rupee (US$1.8bn) terrorism pool toward mitigation of risks related to nuclear energy and sanctioned imports.
Attack on KMAX Ruler, which was due to transport iron ore to China, led to a fatality and injuries to Filipino crew, prompting a sharp increase in marine war risk premiums.
Sompo International taps Pei Ru Chiew to spearhead its Crisis Management and Commercial P&C Insurance in APAC, leveraging her deep expertise to meet the escalating demands for political violence and terrorism insurance coverage in the region.
A model created by Lloyd's predicts that a food supply shock event could result in between US$3 trillion to US$18 trillion in global economic losses, with Greater China and APAC most vulnerable.
The coverage uses Clearwater Dynamics technology to provide 24/7 operations room monitoring and reporting and is backed by Lloyd's and A-rated London market insurers.
Insurance firms have raised 'war risk premiums' for vessels in Russia's Black Sea ports amid escalating tensions and reported attacks, adding to the country's overall oil export costs.