The Economic Times

Middle East tensions: Indian insurers review marine cargo exposure, ICICI Lombard hikes war-risk premium

Indian insurers are reviewing marine cargo exposures in the Persian Gulf, Strait of Hormuz, and Red Sea due to escalating geopolitical tensions. ICICI Lombard is assessing shipments and introducing a 0.25% war-risk premium for Gulf-linked cargo, while existing policies remain in force. This reassessment aims to manage risks and ensure compliance with war-risk provisions.