Risk of a big war insurance claim is rising: marine insurers
It is reported that there are about 20,000 crew members and 800 vessels still stuck in the war zone
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[SINGAPORE] The risk of a big claim stemming from the war in the Middle East is increasing, panellists commented at the Marine Insurance Asia conference on Thursday (Apr 23).
Rolf Thore Roppestad, CEO of specialised marine insurer Gard, spoke of an increasing risk environment as crews are under pressure for being trapped in the Middle East after the US and Israel waged a war on Iran on Feb 28.
In addition, there are cargoes that are not fit for purpose anymore or those that are damaging the hull – or body – of the ships due to different types of impact from chemicals and sulphur.
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