Key stories

Brokers say war risk insurers are issuing cancellation notices and preparing to hike rates for vessels in the Gulf region.

Shipping firms face stricter underwriting terms and rising costs as marine insurers react to heightened conflict risk in the Gulf and surrounding waters.

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.

S&P Global said that the direct asset exposure of most of the top 19 global reinsurers to the region is not material.

The disruption to the rules-based order, exemplified by new strikes on Iran, is creating fresh challenges and opportunities across APAC.

Amid repricing of war exposures by marine insurers globally, the US government has stepped in to offer state-backed political risk cover via DFC.

Tokio Marine & Nichido Fire Insurance, Mitsui Sumitomo Insurance, and Sompo Japan are considering broadening their high-risk zones amid the escalating Middle East conflict.

South Korea’s financial authorities have pledged coordinated action, data exchange, and support measures in response to heightened geopolitical tensions in 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.

(Re)in Summary • IUMI has confirmed that war insurance for ships in the Persian Gulf and Red Sea remains available on a single voyage basis, subject to agreement and government approval. • Some insurers have issued cancellation notices, but cover can still be reinstated on new terms. • Operators are rerouting vessels and monitoring port accumulations due to recent attacks and rising hostilities in the region. Marine war insurance for vessels transiting the Persian Gulf and Red Sea...

Underwriters assess exposures and policy implications as geopolitical volatility threatens aircraft.

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.