Article ID: 66fe01097f6f2346ced85174dd78c6f4e8114a62c973a1680bc899c6242b6783
Source ID: primary:reinsurancene.ws
Published At: -
Extraction Method: trafilatura
URL: https://www.reinsurancene.ws/saudi-re-to-lead-newly-established-marine-war-risk-insurance-pool/
Body Text
Saudi Arabia’s Cabinet has approved the establishment of the Saudi Pool for Marine War Risk Insurance, a national marine war-risk insurance pool covering cargo and hull, with Saudi Reinsurance Company (Saudi Re) appointed to lead the initiative. This national initiative establishes cooperation between the public and private sectors and aims to enhance the Saudi insurance market’s readiness to address marine insurance risks. It also seeks to support the continuity of trade flows and supply chains, mitigate the impact of fluctuations in global reinsurance markets and support Saudi Arabia’s competitiveness as a global logistics hub. This comes at a time when maritime operators face heightened risks. The initiative aims to reduce dependence on volatile international reinsurance markets and provide domestic businesses with reliable coverage during periods of geopolitical conflict. The pool follows disruptions to shipping in the Red Sea and the Strait of Hormuz that have affected insurance premiums and routing for vessels calling at Gulf ports, according to shipping advisories issued by carriers, including Maersk and MSC, in 2026. The pool will include participating insurers, and policyholders can obtain coverage through those companies under approved terms and conditions. Moreover, Cabinet approval establishes a domestic framework through which businesses can obtain insurance protection against war-related risks affecting cargo and vessels. Saudi Re revealed that it was appointed by the Insurance Authority (IA) to lead the Saudi Marine Insurance Pool. Mohammed Al-Jadaan, Minister of Finance, said, “The Saudi Pool represents a specialised national mechanism that enhances the insurance market’s ability to deal with the risks of maritime warfare, and supports the continuity of trade and supply chains, through a partnership between the public and private sectors.”
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