Insurance industry to set up $100 million marine pool for war-zone ships

Indian general insurers and reinsurers are establishing a $100 million marine insurance pool to cover war risks for vessels in high-risk zones due to the escalating West Asia crisis. The pool, managed by GIC Re, will be funded by insurers and supported by government guarantees. Marine insurance premiums have surged due to ongoing conflicts, with additional war-risk coverage becoming costly and limited. Experts indicate that despite a recent ceasefire, elevated premiums and scrutiny on Gulf transits will persist until geopolitical risks stabilize.