Peace in the Middle East & North Africa, the world's least peaceful region, improved marginally last year, based on improvements in 11 countries, according to the 2019 Global Peace Index (GPI).
Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on 13 June, with the potential for costs to rise further as regional tensions escalate, reported Reuters quoting ship insurers.
In this week's episode of the Asia Insurance Review podcast, we talk to Beazley's head of political risk and trade credit underwriter Roddy Barnett, about the looming trade war between the US and China, the opportunities and pitfalls of the Belt and Road Initiative and the rising demand for trade credit insurance.
Chinese parties involved in the Belt and Road Initiative (BRI) face both political and technical challenges, on top of the cross border complexities of BRI transactions, notes international law firm Clyde & Co.
All four UAE-based airlines have said that that their flights were operating normally despite a warning from the US that commercial airliners flying over the wider Arabian Gulf faced a risk of being "misidentified" amid heightened tensions between the US and Iran.
London's marine insurance market has widened the list of areas deemed high risk to include waters off Oman, the UAE and the Persian Gulf after ship attacks off Fujairah, in a move that could push up premiums, reported Reuters.
Saudi stocks suffered their biggest single-day decline since last October on Monday following the tanker attacks off the coast of the UAE, according to media reports. Saudi Arabia's index declined 3.6%. Other Gulf markets were also in the red with Dubai index plunging 2.8% and Abu Dhabi index falling by 2.5%.
China Re plans to launch the 'first domestic political violence insurance' to cover Chinese businesses involved in the construction of the Belt and Road Initiative (BRI) across the globe.
The disruption in global trade since the US and China engaged in a trade standoff last year has fuelled a rise in political risk, Euler Hermes' head of macroeconomic research Alexis Garatti told Asia Insurance Review recently.
The Supreme Court has ordered six insurers to pay out nearly THB100m ($3m) claims to the Stock Exchange of Thailand (SET), Thailand Securities Depository (TSD) and Family Knowhow whose building was set on fire by rioters during anti-government protests on 19 May 2010.