Phase one: immediate market reaction

When the conflict between the US, Israel and Iran escalated, the insurance response was swift and familiar in structure, but extreme in scale.

Risk Management Consultant John Sloan, who has expertise across both Australia and New Zealand markets describes the initial move clearly.

“When the war commenced marine insurers promptly triggered standard war related policy exclusions especially for hull and cargo policies,” he says.

“Most were absolute but some provided war cover beyond the Middle East. If war cover was requested, the premium was prohibitive.

“Consequently, ship and cargo owners became uninsured for war risks, which increased their financial exposure.”

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