Marsh, Tokio Marine Kiln launch port disruption insurance amid shipping chaos
By Jonathan Saul
LONDON, Sept 19 (Reuters) -Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.
Ports across the globe are dealing with multiple issues that are disrupting flows of goods, including attacks by Yemen's Houthis on commercial shipping as well as the risk of strikes at terminals in the United States.
"Recent geopolitical turmoil has exposed a clear gap in the standard cover available to ports and other cargo facilities. The threat posed by conflict has rendered many established routes impassable," Ed Parker, head of special risks at TMK, said.
The new insurance facility, which the companies said was the first of its kind, will provide cover up to a limit of $50 million per incident.
"This facility has no geographical limit as to where the disruption event could take place. For example, ports in the U.S. are concerned with trade disruption losses if China invades/blockades Taiwan or a port in Singapore may have concerns if the Suez Canal was blocked for a period of time," Louise Nevill, CEO of UK Marine at Marsh Specialty, told Reuters.
Nevill said the gap in cover for these risks was assessed after companies suffered losses from the Red Sea attacks.
"The standard ports and terminals policies would not respond to these incidents as there was no physical damage or indeed berth blockage yet they were suffering significant losses of revenue," she said.
Nevill added that they had received interest already from U.S. West Coast ports looking at potential disruption off Taiwan, as well as ports in the Middle East due to geopolitical risks.
"In the last few years, we have seen significant disruption events occurring, whether it is war in Ukraine, the Ever Given (container ship) blocking Suez, increased hurricanes and typhoons and of course a worldwide pandemic," she said.
"These 'once in a lifetime' events are occurring on a regular basis."
Reporting by Jonathan Saul; Editing by Alex Richardson
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Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
