Topic
war-risk
Finance Leading P&I Clubs Cancel Red Sea War-Risk Cover Across Indian Ocean
Several leading P&I clubs, including NorthStandard and UK P&I Club, have issued notices cancelling certain war-risk covers across the Red Sea, Gulf of Aden and western Indian Ocean, effective August 16. The coordinated move follows actions by commercial reinsurers and reflects a deteriorating underwriting assessment of the region, Splash247 reported.
Logistics Cheap Drones Expand Maritime Risk: Caspian Now a War Zone for Shipping
A weekend Ukrainian drone strike on an Iranian cargo vessel in the Caspian Sea has removed the assumption that the inland sea was immune from attack. The incident directly links the Ukraine and Middle East conflicts, forcing insurers to add the Caspian to their watchlist alongside the Red Sea, Black Sea, and Strait of Hormuz. Rerouting options are now limited, with no maritime substitute for the Caspian route.
Trade Finance Indian Insurers Urge Retaining Marine Insurance Pool Despite Ceasefire
Despite the ceasefire between the US and Iran, Indian insurers advocate for the continuation of the Bharat Maritime Insurance Pool (BMIP) to maintain domestic capacity for marine war risk coverage. Industry leaders warn that normalization will be gradual and that the pool is critical for resilience against future geopolitical disruptions.