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.
In the last decade, India has climbed from 44th to 22nd in ranking for international shipments and Finance Minister Nirmala Sitharaman sees further growth opportunities for the marine sector.
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.
Despite economic turbulence and sector-wide risks, S&P Global Ratings has improved the sector's outlook, from negative, attributing the upgrade to underwriting performance and strategic pricing.
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.
