Optima Insurance Brokers Pvt. Ltd.


Our views on important risk issues and emerging risks.

Insurance companies in India cancels war damage coverage

Marine cargo insurance policies are vital for the businesses involved in the transportation of goods, in particular shipping across the Israel-Gaza region. War damage coverage has the potential to increase the reinsurance rates which is causing jitters amongst the Indian Insurers amidst the ongoing military conflict in a region of the world that has immense trade value and importance.

HDFC Ergo and other Insurance companies in India have strategically opted to cancel the coverage for damages as a result of sabotage, strikes, riots, lockouts, and vandalism in Israel/ Gaza/ Lebanon because of the ongoing war. This will help reduce the risks associated with war-related actions.

The prime reason for such a move is the mounting concern on account of the rising reinsurance costs associated with such conflicts. This will help Insurance companies in India to keep claims in check and mitigate its potential impact on reinsurance premiums and rising costs.

Optima’s core group has more than 100 man-years of experience in insurance. Our experience has trained us in reading the fine print of insurance policies, understanding it and applying it for the benefit of our clients.

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