DP World Enters War Risk Cargo Insurance Market Amid Industry Skepticism
Global port operator DP World has launched a new war risk insurance product for cargo transiting high-risk maritime areas like the Red Sea. This move is a direct response to soaring premiums and capacity challenges following Houthi attacks on shipping. The policy, underwritten by Lloyd’s of London syndicates, aims to offer a more stable and competitive alternative for shippers. However, established marine insurers and brokers have raised doubts about the product's scope and long-term viability. They question whether it can truly compete with the comprehensive coverage offered by the traditional market.
Official Source: https://theloadstar.com/dp-world-enters-war-risk-cargo-insurance-fray-but-some-have-doubts/