Marine insurers reaffirm their commitment to supporting trade in the Middle East
The global marine insurance market continues to show resilience and is maintaining the availability of cargo, hull, liability and offshore energy cover despite increasing geopolitical tensions in the Middle East.
CargoCargo insurers across global markets remain committed to supporting trade flows, including in high-risk areas such as the Persian Gulf and Red Sea.
Although the evolving situation in the Middle East has prompted adjustments – particularly in war risk pricing and policy structures – significant capacity is still available. Many insurers are continuing to provide cover through established mechanisms, including cancellation and reassessment provisions, allowing for flexibility as conditions change. This approach reflects a measured response to heightened risk, rather than any reduction in market support.
Operational challenges remain significant. Shipping disruptions, including sharply reduced vessel traffic and rerouting, have increased complexity for clients. However, insurers are responding with tailored solutions and case-by-case underwriting to ensure continued protection for cargo interests.
HullThe global hull insurance market remains outwardly stable, supported by resilient shipping demand and strong freight earnings.
Even as geopolitical tensions reshape trading patterns, particularly around key transit routes, insurers continue to provide cover, adapting terms and pricing where necessary to reflect evolving risks.
The Middle East situation has introduced new operational realities, including rerouting and port congestion, but has not disrupted the availability of hull cover. Instead, underwriting is becoming more selective with increased focus on aggregation risk and voyage-specific exposures. This ensures that shipowners can continue to operate with confidence even in a more complex risk landscape.
Offshore EnergyIn the offshore energy sector, insurance capacity remains widely available, particularly for upstream risks, despite rising volatility linked to geopolitical developments.
Recent escalation in the Middle East, including impacts on energy infrastructure and supply flows, has introduced additional uncertainty into global markets. Nevertheless, insurers continue to provide cover supporting energy production and transportation activities worldwide.
While pricing and underwriting conditions are evolving to reflect increased exposures, there has been no systemic withdrawal of capacity.
Although the duration of the conflict in the Middle East remains uncertain, marine insurers have demonstrated their ability to adapt and have continued to provide adequate cover to support the continuation of trade in the region.
LiabilityLiability underwriters took the decision to adjust the way their non-poolable and charterers exposures were placed so they could be rated on a case-by-case basis. Most of those contracts were moved to that basis but there was no change to provision of cover under the main International Group of P&I Clubs (IG) programmes as those are non-cancellable.
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IUMI Statement: Marine Insurance in the Middle East
IUMI and the marine insurance community are closely monitoring the situation in the Middle East and, in particular, the safety and free passage of shipping in the Persian Gulf and Red Sea. As with all shipping interests, the safety of seafarers will be a priority for owners.
The situation remains fluid with a number of vessels being trapped in the Persian Gulf and many operators re-routing their vessels to avoid the high-risk areas. Insurers will be mindful of the impact this might have on accumulations at nearby ports as well as on the vessels and crews as they navigate longer sea routes. We are likely to see disruptions to supply chains in the short-term, as a result.
The granting of war cover for the Persian Gulf and Red Sea is and will remain available under specific agreement on a single voyage basis as long as navigation is authorised by governments and flag states. In the current fast-paced situation, insurers will regularly re-examine their ability and willingness to that provide cover.
By way of explanation – in circumstances such as these, some insurers will serve a Notice of Cancellation in relation to the cover their assureds have in place. This is to enable the insurer to reassess the risk and then reinstate the cover at adjusted terms. It is important to recognise that a Notice of Cancellation does not, necessarily, end the cover. War cover remains available for owners and operators wishing to take it.
It should be noted that IUMI members (in the main) provide property insurance (hull, machinery and cargo) whereas liability insurance is usually covered by Protection & Indemnity Clubs, many of whom operate under the umbrella of the International Group of P&I Clubs.
Lloyd’s Lab announces InsurTechs joining inaugural Middle East and Africa-focused Cohort
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced the 10 InsurTechs that have secured a place in the 13th Cohort of the award-winning Lloyd’s Lab Accelerator programme.
The successful participants were chosen following a highly competitive Pitch Day – showcasing the innovative solutions aimed at addressing some of the most pressing challenges facing the insurance industry today.
The chosen teams will benefit from access to Lloyd’s market experts, and the opportunity to refine their products to meet global industry needs.
Cohort 13 is the first to focus on building resilience in the Middle East and Africa, with the selected InsurTechs beginning to develop solutions to enhance resilience against notable risks prevalent in these regions, including; weather-related parametric insurance and coverage for renewable energy projects.
In alignment with Lloyd’s ongoing commitment to the region, this Cohort supports the goals outlined in the Memorandum of Understanding (MOU) between Lloyd’s and the Dubai Department of Economy and Tourism, which underscores both parties’ dedication to fostering growth opportunities for InsurTechs in the region.
In addition to the regional focus, Cohort 13 includes two further themes: ‘Data, Models & Processes’ and ‘New Products.’ ‘Data, Models & Processes’ seeks to transform underwriting tools within the Lloyd’s market through advanced data analytics and new platforms. The ‘New Products’ theme is dedicated to creating new insurance products to provide enhanced protection for emerging risks.
“Cohort 13 is set to bring an exciting set of innovations to the Lloyd’s market, with several of them playing a crucial role in addressing the unique challenges of the Middle East and Africa. The continued success of the Lab’s regional themes reaffirms our commitment to fostering solutions that not only cater to local needs, but also contribute to the global marketplace. The calibre of solutions presented at Pitch Day was exceptional and we look forward to the products that will emerge from this Cohort.”
Rosie Denée, Head of Innovation and the Lloyd’s Academy
Each of the teams chosen impressed an expert panel of Lloyd’s and market stakeholders with their innovative insurance solutions during a competitive pitch process. The successful teams are:
New Products
Artio
Artio will provide insurance products for carbon projects at all stages in their life cycle, through their proprietary data-driven risk model which includes insights via real-time risk monitoring. Artio are developing innovative carbon credit delivery products that cover projects from the earliest stages.
http://www.artiocarbon.com/
Discovermarket
Discovermarket is an InsurTech platform that empowers brokers, insurers, and partners to deploy embedded insurance programs across global markets. They are developing a new product that integrates crop insurance solutions financed by carbon credits earned through sustainable farming practices.
http://www.discovermarket.com/
FortuneGuard
FortuneGuard focuses on AI/ML-driven war risk insurance solutions, empowering businesses, and investors to navigate complex geopolitical landscapes. By providing tailored insurance products and cutting-edge risk assessment, they facilitate economic development in high-risk regions and enhance investment security. https://www.fortuneguard.ai/
Indemni
Indemni is on a mission to secure the future of logistics by eliminating fraud & theft across supply chains. Indemni offers end-to-end anti-fraud & theft prevention solutions that integrate with transport management systems to provide both proactive and real-time risk mitigation to shippers and logistics providers.
http://www.indemni.com/
Data, Models and Processes
Asterias
Asterias is a unified platform that enables policyholders and loss adjusters to input and access data through a single portal, ensuring all stakeholders view consistent exposure and loss data via a synchronised dashboard. https://www.asterias.io/
BreachBits
BreachBits is a cyber risk monitoring, testing, and rating company that uses real attacker techniques to achieve scalable and rigorous cyber risk quantification. BreachBits has automated elite U.S. military cyber attacker techniques using artificial intelligence. https://www.breachbits.com/
Javel Groupe
Javel Groupe have created KEN, a genAI-driven portfolio wording risk management tool. KEN’s wording analytics help you know your portfolio inside out, so you can drive best practice for things you care about and gather strategic intelligence for what you didn’t see coming. http://www.javelgroupe.com/
Synthetik
Synthetik is a fast-growing technology start-up based in Austin, Texas that provides computational modelling services to international customers including the US Department of Defence, Department of Homeland Security, and the terror and political violence insurance market.
https://www.synthetik-technologies.com/
Building Resilience in the Middle East and Africa
MyUbuntu
MyUbuntu Insurance empowers smallholder farmers in Africa by offering innovative parametric insurance solutions that provide quick, weather-triggered payouts to mitigate climate risks. Their mission is to enhance agricultural resilience, secure livelihoods, and promote sustainable development through strategic partnerships and advanced technology. https://seedconsultancy.com/
StateUp
StateUp is a research and data company providing unique intelligence on the green and technological transitions. We are leveraging sectoral expertise, data, and AI to supercharge the insurability of renewable energy projects. http://www.stateup.co/
QIC Crowned Best Travel Insurance Company in The Middle East
Qatar Insurance Company (QIC), the leading insurer in Qatar and the MENA region, has been crowned “Best Travel Insurance Company in The Middle East” for the second consecutive year at the Global Banking & Finance Review Awards 2024.
This prestigious accolade comes in recognition of QIC’s outstanding performance at the levels of travel products’ digitalization and customer service excellence regionwide, offering both outbound and inbound travelers the most convenient online experiences with extensive coverage that makes their trips to and from the region safer and more enjoyable. As part of its commitment to offering easier and better access to travel insurance for everyone, QIC introduced a series of market-first products over the past few months, including the fastest online solution to get visitors’ mandatory health insurance in Qatar, in addition to reaching record levels of reduction in turnaround time for outbound policy purchase in under two minutes via qic.online.
Mr.Salem Al Mannai, Chief Executive Officer of QIC Group, said: “Winning this award for the second year in a row is a strong testament to our continuous success in taking travel insurance to higher levels regionwide, offering travelers the best cover and the most convenient digital services. QIC has proudly been the preferred insurer in Qatar and beyond since 1964. Our presence in regional markets since then has allowed us to build a unique understanding of the ever-changing needs of travelers to and from the MENA region, and to keep exceeding the expectations of customers through innovative insurance products, customer-centric services, and the most convenient digital solutions.”
The Global Banking & Finance Review is a leading financial magazine headquartered in London. It provides in-depth insights and information within the financial sector to readers in over 200 countries, including presidents, CEOs, CFOs, decision makers of financial institutions and individuals interested in financial markets and news. Incepted in 2011, The Global Banking & Finance Review Awards program has continued to reflect the innovation, achievements, strategies, and inspirational changes taking place within the global financial community. The awards recognize companies of all sizes which are prominent in particular areas of expertise and excellence within the world of finance.
Qatar Insurance Company Q.S.P.C (QIC, QIC Group) is a publicly listed insurer with a consistent performance history of 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader and the first digital insurance company in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the largest insurance companies in the MENA region in terms of written premium and total assets and is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 8.5 billion.
Epicure Investment Management, a wholly owned subsidiary of QIC, has been ranked as the ‘Top Asset Manager’ in the Middle East
Qatar Insurance Company (QIC) has been ranked by Asset Magazine as one of the top Investment Houses (Insurance Category) in Asian G3 bonds (issued by Asian issuers in USD, EUR and JPY) across Asia, Middle East & North Africa (MENA) regions for 2022.
Epicure Investment Management (EIM), a wholly owned subsidiary of QIC, has been ranked as the ‘Top Asset Manager’ in the Middle East by The Asset Magazine for the year 2022. EIM is one of the largest regulated investment managers in Qatar managing over US$ 7 billion of investments across Equities, Fixed Income and Real Estate for its clients.
The ranking for top investment houses in Asian G3 bonds is based on votes received from the top-rated analysts, economists, strategists, salespeople and traders. A total of 400 different institutions were evaluated and shortlisted to produce the 2022 ranking. The Asian G3 Bond Benchmark Review has been conducted annually since 1999, providing a wealth of data on the product needs of institutional investors and the market penetration of institutions active in the Asian G3 bond market and Asian CDS space.
On the latest accomplishment, QIC Group CEO Salem Khalaf Al-Mannai stated, “We are honored to be ranked as the ‘Top Investment House’ in the Middle East for the sixth consecutive year. Investments are a cornerstone for the success of our business. The prestigious ranking serves as a testament to the resounding success of our business strategy built along a customer-centric and technologically progressive approach, ably backed by the investment strategy. Every recognition invigorates our quest for excellence as a market leader in the insurance and investment management space.”
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best. QIC is also the first & best digital insurance company in Qatar and the largest insurance company in the MENA region by gross written premium, profitability and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7.8 billion.
QIC owns Epicure Investment Management LLC (EIM), a Qatar Financial Centre based Investment Management entity, which manages over US$7bn of investment assets across Equities, Fixed Income and Real Estate for its clients.
Barclays appoints Lucy Demery as Managing Director to cover Fintech clients in Europe, the Middle East and Africa
Barclays Investment Bank today announces the appointment of Lucy Demery as a Managing Director, responsible for the coverage of Fintech clients across Europe, the Middle East and Africa.
She will work with Barclays coverage, country and product teams, as well as Joel Fleck, in his role as Global Head of Fintech Banking, to broaden and deepen coverage of European fintech clients and identify global market opportunities. She will also collaborate with Barclays Corporate Banking and Private Bank partners to help deliver the full suite of Barclays capabilities to fintech clients. In addition, through Barclays Rise platform, Lucy will form partnerships with fintech innovators and start-ups, identifying opportunities where these companies can add value to our clients.Lucy joins Barclays from Standard Chartered Bank where she was Global Head of Fintech Banking and played a leading role in defining and developing strategic partnerships with fintech clients and investors across the bank. In this role she responsible for the origination and execution of strategic transactions across M&A, capital raising, leveraged finance, capital markets and transaction banking products. Prior to Standard Chartered, Lucy was an investment banker at J.P. Morgan and an M&A lawyer at Cravath, Swaine & Moore LLP. During her career, Lucy has been involved in a number of notable transactions, including SoftBank Vision Fund’s investment in C2FO, SingLife’s merger with Aviva Singapore, Grab’s pre-IPO financing, Blackstone’s acquisition of Refinitiv, securitisations for Funding Circle and Zopa, as well as fintech partnerships with Adyen, Airwallex, Ant Group, Facebook, Stripe and Visa.She joins Barclays in July 2021 and will report to Joel Fleck, Co-head of FIG Banking, Americas and Global Head of Fintech Banking.Tim Main, Global Head of FIG Banking commented: “The fintech space has grown substantially over the past few years, starting in the US and now extending across Europe which is seeing the emergence of new companies quickly reaching the point where they need investment banking support. Now is the time to increase the breadth and depth of our fintech coverage in Europe.”Reid Marsh, Head of Banking, Europe, Middle East and Asia Pacific commented: “This hire in a fast growing sector demonstrates our continued investment to further strengthen our European banking capabilities.”