Follow Intelligent Insurer’s rolling coverage of the escalating US-Iran conflict, with a focus on developments that matter to the global insurance and reinsurance industry.
The Middle East conflict extending into cyberspace will challenge insurers. Willis says that attacks on businesses, infrastructure and food supply chains are rising, with fraudsters moving quickly to exploit uncertainty, impersonating airlines and banks in order to steal sensitive and financial information. Read the full story.
War risk premiums for maritime vessels wanting to go through the Strait of Hormuz have shot up to as much as 3%, according to Reuters. Although that sounds innocuous, that can mean a difference of more than 1,000% — dramatically driving up the cost of moving energy through a critical maritime corridor. Read the full story.
The US government has announced a $20 billion reinsurance programme to help get ships moving again in the Strait of Hormuz. Acting on President Trump’s direct order to offer marine insurance, including war risk, “at a very reasonable price”, the DFC will only work with American insurers. Read the full story.
Shipping in the Strait of Hormuz is at a complete standstill, according to the Bahrain-based Joint Maritime Information Center. Read the full story.
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