Five local insurers built marine war-risk pool to address uncertainties over unstable conditions in the Middle East
The launch of a marine war-risk pool by Hong Kong insurers is a prime example of how the city’s insurers can collaborate not just for the benefit of the local economy but for the entire nation, an industry veteran has said.
At the South China Morning Post’s China Conference, themed “Intelligence at Scale: Hong Kong’s AI-Powered Future”, panel speakers considered how the insurance industry could bolster financial resilience across the Greater Bay Area.
Speaking at the event, Selina Lau Pui-ling, chief executive of the Hong Kong Federation of Insurers, highlighted the initiative in which five local insurers came together to build a marine war-risk pool to address uncertainties over unstable conditions in the Middle East.
Lau added that the insurers provided necessary coverage for vessels in mainland China and the city to continue voyages in critical areas of the region.
“This is the kind of collaboration, the beauty of Hong Kong. We have collaborated, not only to help Hong Kong, but also our nation as well,” Lau said.
Standard cargo and marine insurance policies do not provide protection against war risks, meaning shipowners must buy separate war insurance whenever vessels sail into a war zone.