The conflict in the Middle East and the blocking of the Strait of Hormuz have resulted in significant damage to vessels, cargo and port infrastructure in the region, says Allianz Commercial.
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Mr Chakib Abouzaid, the Secretary-General of the General Arab Insurance Federation (GAIF), made a statement on 16 June soon after Iran and the US reached agreement on the MoU to end the Middle East war.
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From a risk management perspective, the Iran–US MOU should be assessed beyond its immediate political implications. For the insurance industry, the key question is whether this framework creates sustainable regional stability or only provides a temporary reduction in uncertainty, according to Ms Ashwag Alzahrani, an actuary and co-founder of Saudi Arabia’s Risk IQ Consulting.
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The MoU on a peace deal between Iran and the US is described as “genuinely significant” by EDME Insurance Brokers’ Managing Director – Reinsurance & Global Head of Natural Resources, MAr Kunal Khanna.
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The news that an MoU on a peace deal has been signed between the US and Iran could be a positive step toward easing geopolitical tensions in the region.
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A new Lloyd’s market consortium designed to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz was launched on 19 June.
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The effects of the Middle East war continue to pose a risk to the UAE’s economic outlook, despite the signing of an MoU on 17 June on a peace deal, S&P Global Ratings (S&P) said.
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Long before a crisis strikes, choices guiding stability are already made visible in how an organisation functions when stressed. Yet structure reveals foresight through performance.
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