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Willis Towers Watson PLC has launched a cargo undercover policy that includes geopolitical exposures that previously would have been covered separately, the brokerage said Tuesday in a statement.
Cargo undercover is aimed at minimizing potential gaps in coverage and the likelihood of claims disputes, as well as removing the need to establish the motivation for a claim, which can be a challenge at times of political instability, the statement said.
The policy provides cover for a variety of geopolitical exposures including political violence, terrorism, rebellion, terrestrial wars and looting, whether politically motivated or otherwise, the statement said.
“Geopolitical risk is creating an increasingly uncertain risk environment, particularly for cargo owners,” New York-based Patrick Murphy, head of cargo, global marine for Willis Towers Watson, said in the statement.
Nigeria's insurance regulator said that its recent directive to increase local insurers' capital requirement by threefold may open up new markets in marine and aviation segments, The Oracle reported. The regulator said that local insurers lack the capacity to cover large risks which are underwritten mostly by foreign counterparts.