The War, Terrorism, and Political Violence (WTPV) market has entered a materially more complex phase, according to Marsh Re. Middle East losses are being discussed at north of $2bn against an annual gross premium base of approximately $2.5bn, making this likely the first loss-making year for the class since 9/11.
The Insurers Federation of Egypt (IFE) has published 11 recommendations to insurance companies covering maritime and transport risks, responding to on-going developments related to the US-Iran war, and the rapid repercussions on maritime and air traffic, international transport and trade routes.
Saudi Arabia is exploring establishing a state-backed war risk insurance programme to reduce insurance costs for ships and cargo as risks escalate in the region.
Qatar Insurance's (QIC) insurance service result for the first half of the year reflected the escalation of the conflict involving the US and Iran, one of the most significant events for the insurance market in the period.
Geopolitical instability, accelerating digitalisation and the global shift toward clean energy are reshaping Singapore's maritime insurance sector, according to Mr Cao Yueming, Vice President of Marine at MSIG Insurance (Singapore).
Crescent Egypt Insurance Brokers has welcomed Dr Mahmoud Ahmed El-Sherif as Chief Commercial and Marketing Officer.
Composite insurance rates in the second quarter decreased 16% in the India, Middle East, and Africa (IMEA) region, the biggest fall across all regions analysed, according to Marsh, the global leading insurance broker.
Aon has expanded Mr Vlad Bobko's responsibilities to include Global Head of Strategy for Political Risk, War Risk and Crisis Management for Risk Capital, in addition to his current role as CEO of Central and Eastern Europe and Nordics.
Saudi Arabia-flagged, owned or operated vessels, vessels en route to or from Saudi Arabia and the Kingdom's Red Sea ports are assessed at high risk of a Houthi attack, according to Ambrey Analytics.