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Wealthy families cut dollar exposure, survey finds
"For the first time, we are feeling that family offices want to...
Trump says Iran and Oman will not control Strait of Hormuz, deal remains elusive
Trump's comments came after Iranian state TV reported that it had...
Strait of Hormuz shipping is at near-total halt, JMIC says
A review of shipping signals have confirmed only two commercial transits in the past 24 hours, the Joint Maritime Information Center said in note on Friday. Those crossings were cargo ships rather than oil tankers, according to the multinational naval advisory group...
London marine insurers still offering Middle East cover as War Risk rates rise: Gallagher
“Given the challenging maritime security environment, rates have increased from levels that owners and charterers will be used to.The cost will vary depending on the vessel type, cargo and routing, however marine insurers are very much continuing to provide cover and...
Lloyd’s market engaging with US government over Gulf maritime plan, officials say
“Lloyd’s is engaging constructively with the U.S. Development Finance Corporation and relevant stakeholders, with a clear focus on ensuring that the Lloyd’s market continues to lead as the global center of excellence for war risk insurance,” a Lloyd’s spokesperson...
Marsh and Aon in talks with US govt on a plan to help insure tankers navigating Strait of Hormuz
President Donald Trump said on Tuesday the US International Development Finance Corporation would offer insurance “at a very reasonable price” to help ensure the flow of energy and other commercial trade in the Gulf. Marsh and Aon Plc, two of the world’s largest...
Trump orders oil tanker insurance support, says Navy could escort ships in Gulf
President Donald Trump Shipping companies and insurers have begun reassessing their exposure to the region. War-risk premiums have jumped and some providers have scaled back or withdrawn coverage, industry.Higher insurance costs have made it more expensive for tankers...
“Too early to assess economic impact on region, global economy”: IMF on West Asia conflict
The IMF also mentioned that it has "observed disruptions to trade and economic activity, surges in energy prices, and volatility in financial markets.The situation remains highly fluid and adds to an already uncertain global economic environment," it said in a...
Middle East Conflict Risks:Global reinsurers shielded by robust capital and earnings
There will be sizable insured losses, and the conflict could have far‑reaching implications for the reinsurance industry.The conflict disproportionately affects specialty lines, a segment that insures complex or high‑risk exposures, including war risk, aviation,...
London marine insurers widen high-risk zone in Mideast Gulf as conflict escalates
Gulf war risk premiums have risen fivefold in recent days compared with a week ago – before the U.S and Israel began their airstrikes on Iran – adding hundreds of thousands of dollars in extra costs for every shipment. London’s marine insurance market has widened the...
‘Black Swan’ risks stalk container carriers in avoiding Iran war
Jeremy Nixon, the CEO of Ocean Network Express, said Monday there were about 750 ships caught up in what was effectively the closure of the Strait of Hormuz, with about half of them inside of the Gulf and half on the way there. About 100 of those are container ships,...
Iran conflict disrupts global shipping as tankers are stranded, damaged
War risk premiums have risen up to 1% of the value of a ship in the past 48 hours, from around 0.2% last week, industry sources said on Monday, which adds hundreds of thousands of dollars in costs for every shipment Insurance companies are canceling war risk coverage...