NSI Insurance Group CEO and Chairman Oscar Seikaly’s insights have been featured in Al Jazeera’s latest coverage examining the rise of ship-to-ship oil transfers off the coast of Oman amid continued disruption in and around the Strait of Hormuz. The article explores how these transfers are being used to move oil outside traditional shipping routes, while highlighting the complex operational and insurance risks involved.
Oscar provides expert perspective on the insurance considerations surrounding these transactions, explaining why a meaningful share of the risk may remain with sovereign entities rather than being fully transferred to commercial insurance markets.
“Ship-to-ship transfers can be particularly complicated for traditional insurers, as any loss could involve the physical vessels and their cargo, as well as pollution and collision liabilities, cargo insurance, war-risk cover and other factors. Underwriters may also impose navigational warranties, security conditions, additional war premiums or restrictions,” said Oscar.
Read the full article here.
