News Middle East09 Jan 2020

Gulf:Joint War Committee declares "No dramatic change" to maritime strategic situation

09 Jan 2020

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 JWC, consisting of marine insurance companies at Lloyd's of London, held an extraordinary meeting on 7 January to discuss potential marine insurance implications in the wake of heightened Iran-US tensions following the killing of Iran's top military commander, General Qassim Soleimani last week.

In a statement, the JWC said, “There are clearly increased tensions in the Gulf region, with American assets now referenced, but the underlying maritime threat remains heightened with an ongoing possibility of escalation.

“The London insurance market has been operating with these strategic factors in mind since last May and underwriters will continue to ask appropriate questions of assureds in order to ascertain the risk dynamics of individual sailings seeking war-risk cover.”

Last May, there were attacks on four tankers in the waters near Fujairah, prompting the JWC to then extend the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf.

The JWC comprises underwriting representatives from both the Lloyd’s and IUA company markets, representing the interests of those who write marine hull war business in the London market.


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