A quick update from the IUA for you;
Chris Jones, Chief Executive of the International Underwriting Association, said:
“Prior to the commencement of the current hostilities Iran and the wider Middle East was already an area of relative enhanced risk and insurance coverage in place will reflect this. IUA members are, however, continuing to provide cover for clients affected by the current hostilities in Iran across a number of lines of business.
“Most prominent is shipping in the Straits of Hormuz where trade has been halted, not by a lack of available insurance, but by obvious safety concerns. The market for marine war risks is operating in the manner we would expect, given the increase in threats to shipping and insurers are focused on ensuring client can continue to access the cover they require.
“With the situation rapidly evolving, it is important that in-depth, real time security advice is available. The London Market’s joint marine committees are working with expert consultants to provide underwriters with the latest information. We welcome any initiative to improve the security situation.
“Elsewhere the London company market is also providing aviation cover to support flights transporting people away from the affected areas – both via existing flight routes and new repatriation operations. With airspace opening and closing, based on the assessment of aviation authorities, insurers are working with brokers, clients and third-party experts to closely monitor changes in risk.”
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