“Most prominent is shipping in the Straits of Hormuz where trade has been halted, not by a lack of available insurance, but by obvious safety concerns. The market for marine war risks is operating in the manner we would expect, given the increase in threats to shipping and insurers are focussed on ensuring client can continue to access the cover they require” Chris Jones, chief executive of the International Underwriting Association
London:Chris Jones, chief executive of the International Underwriting Association(IUA), said with the situation arising out of the current hostilities in the wider Middle East, triggered by US-Israel- Iran war, rapidly evolving, the London Market’s joint marine committees are working with expert consultants to provide underwriters with the latest information.
The IUA of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage.
“Most prominent is shipping in the Straits of Hormuz where trade has been halted, not by a lack of available insurance, but by obvious safety concerns. The market for marine war risks is operating in the manner we would expect, given the increase in threats to shipping and insurers are focussed on ensuring client can continue to access the cover they require.We welcome any initiative to improve the security situation. It is important that in-depth, real time security advice is available,”said Jones.
Elsewhere the London company market is also providing aviation cover to support flights transporting people away from the affected areas – both via existing flight routes and new repatriation operations. With airspace opening and closing, based on the assessment of aviation authorities, insurers are working with brokers, clients and third-party experts to closely monitor changes in risk, added Jones.
Prior to the commencement of the current hostilities Iran and the wider Middle East was already an area of relative enhanced risk and insurance coverage in place will reflect this. IUA members are, however, continuing to provide cover for clients affected by the current hostilities in Iran across a number of lines of business, explained Jones.