Middle East Insurance Review (MEIR), in solidarity with the insurance market, has started a special series named "Middle East Conflict: The MEIR Dialogue" to discuss the insurance impact of the armed confrontation across MENA as well as globally. The series continues with an interview with Chiedi Re Deputy CEO of Global Operations Joe Asmar.
In this interview, Mr Asmar discusses the impact of the Middle East conflict on the regional reinsurance market. He explains that the attacks, particularly retaliatory strikes against GCC countries following US and Israeli action against Iran, triggered immediate war cover cancellations, especially in marine lines, with price hikes of 100–400%, reduced capacity, and tighter coverage restrictions.
Looking ahead, he expects gradual capacity recovery in the medium term but with lower limits and greater regional segmentation between high- and low-risk areas, while highlighting emerging risks including cyber warfare, supply chain disruption, environmental liability from tanker attacks, and the potential (though currently excluded) threat of nuclear, biological, and chemical exposure near the GCC, all of which he says demand faster, more advisory-driven responses from brokers.