Several marine insurance companies have been alerted by reinsurers about the cancellation of war risk coverage in the Indian Ocean, Gulf of Aden, and Red Sea due to escalating security concerns. Skuld and West of England P&I are among those affected, with cancellations effective from August 16, 2026, impacting assureds operating in these regions.
On July 30, 2026, India launched its first sovereign-backed Protection and Indemnity (P&I) insurance through the Bharat Maritime Insurance Pool, presented by Financial Services Secretary Sanjay Lohia. This comprehensive product covers third-party liabilities, enhancing maritime risk management and promoting self-reliance in specialized insurance solutions for the shipping industry.
Burkhard Fischer, Chairman of the Association of Accident Regulators, addressed the challenges faced by the shipping industry post the Russian-Ukrainian war. The unexpected conflict left many vessels stranded, triggering debates on the need to review low war risk insurance premiums. Fischer emphasized the unique circumstances of each case in navigating these unprecedented challenges.
