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Indian gov mulls establishment of war-risk fund for ships passing through conflict-hit waters, says report
19th March 2026
The Indian government is planning to set up a fund dedicated to supporting insurers providing war-risk cover for ships to and from the country which are travelling through conflict-hit waters in West Asia, according to a report by the Economic Times of India, citing people familiar with discussions. The Middle East ... Read the full article
Withdrawal of Persian Gulf war risk cover viewed as credit negative for exposed US marine insurers: Fitch
13th March 2026
Fitch Ratings, the international credit rating agency, said the withdrawal of hull war risk marine insurance coverage in the Persian Gulf is expected to be credit negative for US property and casualty insurers with significant exposure to Gulf shipping routes. Fitch notes that the move is likely to have broadly neutral ... Read the full article
Chubb to serve as lead underwriter for DFC’s $20bn Maritime Reinsurance plan
12th March 2026
The U.S. International Development Finance Corporation (DFC) has revealed that Chubb will serve as the lead partner for its $20 billion Maritime Reinsurance Plan, aimed at restoring commercial shipping in the Gulf and helping to restart energy and trade flows through the Strait of Hormuz. DFC's reinsurance facility, announced earlier ... Read the full article
Gulf shipping tensions prompt war risk reassessment by marine insurers: IUMI
6th March 2026
War risk insurance for vessels transiting the Persian Gulf and Red Sea remains available, although insurers are reassessing their appetite for exposure as tensions in the Middle East disrupt shipping routes and threaten supply chains, according to the International Union of Marine Insurance (IUMI). The marine insurance body said war cover ... Read the full article
US insurance proposal may not be enough to restart shipping through the Strait of Hormuz
5th March 2026
Morningstar DBRS, the international credit ratings and research firm, has said that a proposal by the government of the United States to support insurance for vessels travelling through the Strait of Hormuz may not be sufficient to rapidly restore commercial navigation in the region. In recent commentary, Morningstar DBRS states that ... Read the full article
AXA XL and USMIG to distribute coverage for shipping supply chain and transport
13th February 2026
AXA XL, the P&C and specialty risk division of AXA, has partnered with U.S. Marine Insurance Group (USMIG) to offer Shipper's Interest insurance, addressing market shifts in the logistics landscape. The pair’s collaboration kicked off in 2024, with USMIG acting as a program manager for AXA XL. This allows AXA XL to ... Read the full article
Who’s insuring Russia’s shadow fleet?
2nd December 2025
Since Western P&I clubs and reinsurers largely withdrew from underwriting sanctioned oil shipments, an informal and opaque re/insurance ecosystem has emerged to keep Russia’s shadow fleet trading. What was once dominated by London and the International Group of P&I clubs is now sustained by a narrow set of domestic and offshore ... Read the full article
Global shipping losses drop to record low of 27 vessels, but new geopolitical risks loom: Allianz
30th May 2025
Global shipping losses have fallen to their lowest level in decades—just 27 vessels in 2024, down from more than 200 annually in the 1990s—according to the Safety and Shipping Review 2025 by Allianz Commercial, the corporate insurance division of Allianz Group. Despite the improvement in maritime safety, Allianz warns the industry ... Read the full article
UK P&I Club announces leadership changes in Athens and London
5th March 2025
The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services for the international shipping community, has announced leadership changes in its Athens and London offices. Sean Geraghty will return to the London office in April, taking on the role of Claims Operations Director after serving as ... Read the full article
Shipping losses hit historic low amid rising risks: Allianz review
10th June 2024
Allianz Commercial’s annual Safety and Shipping Review reveals a historic low in shipping losses despite escalating risks from geopolitical tensions and climate change. In 2023, the global count of large ships lost dropped significantly to 26, down over a third from the previous year's total of 41. Over the past decade, ... Read the full article
Baltimore bridge may be largest example of port blockage seen by insurers in years: Horn, McGill and Partners
27th March 2024
Exactly how long the Port of Baltimore is closed to ships after yesterday's collision and the subsequent collapse of the Francis Scott Key Bridge is unclear, but according to Julien Horn, Partner - Ports & Terminals and Logistics at broker McGill and Partners, "this may be the largest example of ... Read the full article
Reinsurers to bear the bulk of insured cost of Baltimore bridge collapse, says AM Best
27th March 2024
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland yesterday is expected to drive billions of dollars in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest ever marine loss. Around 1:30am local time, container ship ... Read the full article
Shipping disruptions drive quadruple increase in prices, risking global supply chains: Swiss Re
9th February 2024
Recent attacks on ships in the Red Sea and a drought plaguing the Panama Canal area have wreaked havoc on global shipping, leading to a more than quadruple increase in prices since late 2023, according to a report by Swiss Re. The report highlights that these disruptions have severely impacted supply ... Read the full article
IQAX teams with COSCO to achieve the first synchronized transfer of an eBL
5th January 2024
IQAX Limited, a global information technology company, has announced that it has entered into a strategic partnership with COSCO Shipping Captive Insurance Co., Ltd., a Chinese shipping insurance firm, to promote the capabilities of IQAX electronic bills of lading (eBL). This strategic alliance between the two firms will provide consumers with ... Read the full article
Red Sea attacks placing pressure on war insurance premiums: DBRS Morningstar
21st December 2023
Following Houthi rebel attacks on cargo vessels in the Southern Red Sea and the Gulf of Aden, DBRS Morningstar has warned of "upward pressure on war insurance premiums" alongside disruptions to global supply chains and shipping lines. DBRS Morningstar's analysts noted that several major shipping lines have suspended their services through ... Read the full article
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