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.
