War and terrorism

Zelensky applauds Black Sea framework as cargo exports near 16 million tons

Almost 16 million tons of cargo has been transported from Ukrainian ports since the breakdown of the Black Sea Grain Initiative, the country’s president Volodymyr Zelensky has said.

Doyle: Marsh McLennan exploring Ukraine air travel facility

Marsh McLennan is looking to apply the framework of the Unity grain facility to help facilitate the reopening of an airport in Ukraine to encourage foreign private investment as part of the country’s reconstruction efforts, according to CEO John Doyle.

Skuld confirms limits on war risks P&I excess cover for 2024/25 policy year

Oslo-headquartered marine insurer Skuld has confirmed that it will, in conjunction with other P&I clubs in the International Group, continue to provide war risks P&I excess cover in the 2024/25 policy year for members entered on a full mutual basis.

Arch leads war cover on Iran-seized $50mn St Nikolas

Arch leads the marine war cover for St Nikolas, the oil tanker seized by Iran off the Gulf of Oman last week, The Insurer understands.

Mariners maintain Red Sea shipping cover despite continued Houthi attacks

Lloyd’s and London market marine insurers are continuing to provide cover for vessels and cargo travelling through the Red Sea despite rising political tensions and a spike in Houthi-led attacks on international shipping.

Marine war pricing set for increase after US-UK Houthi airstrikes

US and UK airstrikes on Houthi targets are set to spark an increase in marine insurance rates in the coming days, amid expectations of retaliatory attacks from the Yemen-based militant group.

AI, cybersecurity, inflation and war risks dominate 2024 insurance outlook: RPC

The next 12 months will see insurers and insureds increasingly turn to AI technologies, bringing new risks for the market to address, according to law firm RPC.

Quota share demand spikes in broadly unchanged PV ri market: Gallagher Re

Demand for quota share capacity rose significantly in the political violence and terrorism market at this year's 1.1 renewal, according to Gallagher Re, with the standalone placement structures that developed in 2023 remaining broadly unchanged heading into 2024.

Potential hull market softening, but don’t underestimate large war claims: Gallagher

Marine hull and machinery underwriters are broadly maintaining discipline in the final days before “fairly flat” renewals, with the market environment continuing to indicate benign conditions despite growing hotspots of political exposures, according to Gallagher’s Mike Ingham.

Joint War Committee updates Red Sea listed area status

The Lloyd’s Market Association and International Underwriting Association’s Joint War Committee has updated the Red Sea’s listed area status, with primary rates for the region up tenfold in the wake of the Houthis’ seizure of the Galaxy Leader last month.

Ark looks to form PVT team with Talbot and Chaucer hires

White Mountains-backed Ark is moving to build a political violence and terrorism team in London with four underwriting appointments from Talbot and Chaucer.

Verisk’s PCS adds SRCC to Global Terror Index

Verisk’s PCS has expanded its Global Terror Index to include strikes, riots and civil commotion (SRCC).

Pool Re: geopolitical conflicts and climate change driving UK terror risk

Climate change, geopolitical conflict and the cost of living crisis are among the most significant emerging drivers of terrorism threat in the UK, with the threat level remaining at ‘substantial’ going into 2024, according to the annual threat report of UK government-backed terrorism reinsurer Pool Re.

Optio secures exclusive PVT capacity from AmFirst

Specialty MGA Optio Group has partnered with AmFirst Insurance Company, with the latter providing exclusive underwriting capacity for political violence and terrorism risks for the first time.

UK terrorism market calls for clarity on incoming Protect Duty

The UK’s incoming Protect Duty legislation – also known as Martyn’s Law – has the potential to dramatically improve policyholder resilience and take-up of terrorism cover among SMEs, but (re)insurers have raised concern that a current lack of clarity from government could mean that firms go unprepared and under-protected.

UK minister Tugendhat backs Pool Re proposed treaty plans

Pool Re remains a “vital part” of the UK’s counterterrorism strategy according to security minister Tom Tugendhat, who threw his weight behind proposals from the terrorism mutual to move its reinsurance scheme to a catastrophe treaty model in a bid to return more risk to the private market.

Apollo writes first risks for Smart Follow venture

Lloyd’s insurer Apollo has written its first two risks on its new Smart Follow venture.

Markel names Howden’s Woodhouse senior underwriter for war and terrorism

Markel has named Howden’s Tim Woodhouse as senior underwriter within its war and terrorism team.

Markel leads ~$65mn hull policy for Houthis-seized Galaxy Leader vessel

Markel is the lead on the ~$65mn hull policy for the Galaxy Leader vessel seized by Yemen’s Houthi rebels, The Insurer can reveal.

Lloyd’s marine insurers and Marsh McLennan critical to Zelensky’s imminent new Ukraine grain export scheme

A number of Lloyd’s and London market marine insurers – including Ascot and Markel – have committed to supporting a groundbreaking partnership with the Ukrainian government that is expected to be unveiled later this month, The Insurer can reveal.

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