Insurers look to manage risk from Middle East conflict

Insurance companies have taken steps to cautiously manage their risk exposure amid intensifying conflicts in the Middle East, which has resulted in the cost of war insurance coverage for ships in the Gulf region to reach “unprecedented levels”.

- NAREERAT WIRIYAPONG

The cost of war insurance coverage for ships in the Gulf region is at unprecedented levels given the threats in the Strait of Hormuz, while there are additional premiums for ships going around areas of Oman and the Red Sea.

(AFP)

Guillaume Mirabaud, chief executive of AXA Insurance Thailand, said the company has committed to supporting clients with empathy and professionalism during these difficult circumstances affecting parts of the Middle East.

“At the same time, we have a responsibility to continuously monitor and manage our risk exposure,” he told the Bangkok Post.