Willis launched a $200 mn facility named “Undercover,” which combines coverage for a range of geopolitical exposures for cargo owners globally.
The WTW business developed this joint offering with specialist insurer Markel, according to a statement from Willis.
Undercover provides risk transfer coverage for cargo, war on land, terrorism, political violence, and confiscation, with clients selecting sections of coverage based on their needs.
The broker stated that this single-facility approach minimizes coverage gaps, reduces the chance of claims disputes, and removes the need to establish motivation for a claim.
Willis added that amid political instability, Undercover offers cargo owners protection from fluctuating insurance costs when country risk ratings change, since cargo cover is often provided on a worldwide basis.
Ben Abraham, global chief executive officer of Willis Marine, noted that cargo owners face significant uncertainty during periods of heightened geopolitical risk in fast-changing situations.
In a period of heightened geopolitical risk, cargo owners face enormous uncertainty in fast changing situations
Ben Abraham, global chief executive officer, Willis Marine
Brook Styles, head of cargo at Markel International, observed that transporting goods is highly sensitive to geopolitical uncertainty, which can disrupt trade routes, increase operating costs, and strain the resilience of global supply chains.
The transportation of goods is highly sensitive to geopolitical uncertainty, which has the potential to disrupt trade routes, increase operating costs and put pressure on the resilience of global supply chains
Brook Styles, head of cargo, Markel International
Separately, Amwins Global Risks, the international division of specialty broker Amwins, announced a new structure aimed at strengthening underwriting capabilities, including the launch of a new managing general agent for marine cargo.
