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Marine insurers face rapidly shifting war risk amid new geopolitical volatility
The article says insurers describe conditions as highly volatile since February, with disruptions leaving ships and crews stuck and affecting underwriting decisions.
Risk & Insurance reports that escalating global conflicts, including fighting in the Red Sea, continued tensions around the Strait of Hormuz, and the Russia-Ukraine war affecting the Black Sea, are reshaping war risk and marine cargo insurance.
The outlet says added forces such as sanctions, tariffs, and inflation are making the underwriting calculus more complex for companies moving goods, particularly energy commodities, through contested waterways.
Risk & Insurance also highlights that insurance pricing has become less predictable, with the cost potentially changing quickly, sometimes from day to day and even hour to hour.
The report quotes Dennis Marvin, Head of Marine at MSIG USA, saying conditions since February were extremely volatile, with ships and crews stuck and cargo movement disrupted.