Many of the world's leading maritime insurers have cancelled war risk cover for vessels entering the Persian Gulf, amid escalated military conflict in the Middle East.
The war that broke out in the Gulf region, following US and Israeli strikes on Iran, has led insurers to cancel war risk covers and raise premiums for vessels sailing in the region and transiting the Strait of Hormuz.
Iran has seen a significant surge in purchase of health insurance covers from private health insurers. The country saw more than 2.825m new health policies being bought during the nine months from April to December 2024. The cost of healthcare services, however, has also risen during the year 2024.
Instability and violence across the Middle East are still the main risks to the regional economic outlook, says the September 2020 Political Risk Quarterly Update.
While Qatar has managed to avoid a major economic hit from a Saudi Arabia-led blockade, the imposition of US sanctions has hurt growth in Iran, says the "Aon Risk Map 2020 - Crisis Management" report which is a guide to political risk, terrorism and political violence worldwide.
Iranian insurers have reportedly given nearly IRR4.5tn ($107m) to medical centres which are affiliated to the Ministry of Health to help them overcome financial constraints amid the rapid spread of coronavirus in the country.
Marsh, one of the world's largest insurance brokers and risk advisers, has seen a spike in clients' enquiries for political violence cover in the Gulf after attacks on tankers and oil installations rattled the region last year, reported Reuters.
The Iranian government will pay $100-$150m in compensation for the Ukrainian plane which was accidentally shot down on 8 January by an Iranian-fired missile, the deputy chairman of the Central Insurance of Iran, Mr Gulamali Jahangiri, has said, reported Trend News Agency.
The Joint War Committee (JWC) in London has commented that, based on current information, there is no dramatic change to the strategic maritime picture at present.
The governor of the Central Bank of Iran has revealed that the Supreme Council of Economic Coordination has endorsed the importance of creating a universal insurance fund to cover losses caused by natural disasters.