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Street of Hormus: Howden Re Estimates Kasko War Damage at $1.75 Billion and Is Concerned About the Single Occurence Scenario
Summary by Versicherungswirtschaft-Heute
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While hundreds of ships are stuck in the Persian Gulf, the costs for the insurers rise massively. A new report by Howden Re estimates the previous Kasko war damage (Hull War) to 1.75 billion dollars – and warns against enormous consequential risks for the cargo. A major problem for the industry is likely to be the classification of the week-long war as "Single Occurrence". If the attacks are classified as a coordinated event, the reinsurance con…
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