Middle East and Africa
This region's insurance markets are expected to undergo rapid expansion
Owners have legal duty to seek release of ransomed crews
War risk, hull and machinery or kidnap and ransom cover will normally foot the bill, with cargo contributing through general average, experts say
Somalia piracy resurgence makes kidnap and ransom cover necessary
When vessels are hijacked, the human beings on board are not always as well insured as the contents of a bulker’s holds
Navium had 100% of war risk on True Confidence
Clive Washbourn-led marine MGA will be on the hook for bulk carrier’s hull value, estimated at $17.6m, but could be protected through sidecar arrangement with reinsurer Fidelis
Viewpoint: Assessing risks in a big year for African democracy
With at least 18 elections scheduled to take place this year in Africa, insurers will need to keep an eye on risk dynamics and the profiles of insured assets and policy contracts
Legal Focus: The Israel-Gaza conflict and international law jurisprudence from the insurance market
Insurance industry jurisprudence has contributed significantly to solid international law principles that are desperately needed right now
Gallagher launches Middle East and Africa M&A practice
Broker taps Aon for practice leader and predicts strong M&A market in region
Clubs scramble to restore Red Sea cover for big-name charterers
Oil majors and trading giants forced to pay extra for cover that was effectively a freebie until now
Reinsurance jitters leave clubs forced to drop Red Sea war risk extensions
Buyback mechanism may be announced in the next few days
Red Sea war risk cover ‘sustainable’: LMA's Roberts
No need to extend high-risk area for now, Joint War Committee secretary says
Viewpoint: Insurers must address the lack of data on natural catastrophe secondary perils in the Middle East
Secondary perils in the region are becoming more frequent and severe and the historical data is inadequate to assess exposures
War risk market split on covering US- and UK-linked vessels for Red Sea transits
Some underwriters fear Yemeni rebels will single out American and British tonnage in retaliation for airstrikes, with others still ready to quote
Africa Specialty Risks approved for Dubai company registration
'In principle' approval from Dubai Financial Service Authority a key milestone in launching ASR Middle East, pan-African reinsurance group says
Red Sea war risk rates see huge jump in wake of Yemen airstrikes
Quotes now ‘theoretical’ as oil majors join liner companies in rerouting via Cape of Good Hope, underwriters warn
Red Sea war risk rates soften as insurers price in Prosperity Guardian
Additional premiums steady or even slightly down as underwriters return to desks, confounding pre-Christmas expectations
MS Amlin enters Middle East financial lines market
Lloyd’s carrier launches new line in response to increased M&A and IPO activity in the region
Optio Re MENA names Mohsen MD for broking
Mohsen joins from Ardonagh Specialty, where he was managing director for the Mena region
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