NSI Insurance Group’s CEO and Chairman Oscar Seikaly spoke with The New York Times reporter, Peter Eavis on the escalating risks in maritime trade and energy supply routes amid the ongoing conflict.
Seikaly breaks down how war risk insurance functions during “normal” times versus how it rapidly shifts in cost during active conflict, providing valuable context on how the insurance sector is adapting to the current climate.
“Coverage had leaped from almost nothing before the conflict to around 20 percent of the value of the ship or cargo. That was the cost of insuring a recent shipment of fertilizer from the Persian Gulf to Europe,” he said.
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