Shipowners are reluctant to risk crossing the Hormuz Strait even with insurance because of the high cost of the assets, according to Mr Mohamed Mahran, the CEO of Misr Insurance Company, the biggest general insurer in Egypt.
Oil prices plunged below $100/bbl after the US and Iran agreed to a two-week ceasefire on 7 April, easing fears of prolonged supply disruption. Brent fell as much as 16% before trading around $94/bbl, according to ING Think, ING Global Markets Research.
The two-week ceasefire in the ongoing conflict between Iran and the US and Israel may signal regional stability and important first steps towards a gradual normalisation of flows.
International specialty (re)insurance marine MGA Rokstone has appointed Ms Jackie Lan as Underwriter to its Singapore team.
In New Zealand, HDI Global has promoted Mr Richard Upton to the role of Branch Manager and Head of Financial Lines.
As tension escalates amidst the ongoing war in the Gulf, the General Arab Insurance Federation (GAIF) urges stakeholders to consider alternative solutions to strengthen the sector's capacity to deal with war risks.
Persian Gulf states have experienced material damage from retaliatory Iranian missile and drone attacks, following the commencement of hostilities between the US, Israel, and Iran on 28 February, according to a report released by Guy Carpenter, a Marsh business and leading global risk and reinsurance specialist.
The US International Development Finance Corporation (DFC) and Chubb have announced six additional American insurance partners that will provide reinsurance for DFC's Maritime Reinsurance plan.
Chubb and a group of other insurers have announced that they would be providing an additional capacity of $20bn for the US International Development Finance Corporation's Maritime Reinsurance facility, bringing the facility's total insurance support to $40bn.
Reinsurance capacity remains plentiful in the marine branch and there has not been any bounce in pricing - reinsurers are determined not to lose their hard-fought market share whilst those looking to grow continue to drive helpful competition, according to a report published by Gallagher Re.