Support for clients regarding the security situation in the Middle East

The current conflict has a significant impact on risk management and insurance related to activities in Iran, the Arabian Peninsula, Israel, and adjacent water areas and sea routes.

Even in difficult times, RENOMIA is a reliable partner for its clients. Thanks to our strong multinational partnerships and teams that specialize in international insurance programs, we have an up-to-date overview of the situation and can take care of our clients anywhere in the world.

What should you watch out for, and how should you proceed in different situations? 

If you are doing business in the Middle East:

• The de facto closure of the Strait of Hormuz currently makes it impossible to arrange cargo insurance for combined maritime transport to destinations in the Persian Gulf. Iran has long been uninsurable due to international sanctions.
• Following the first insurance claims and damage to tankers, transport, and energy infrastructure, we have seen an increase in insurance rates for certain risks in the Middle East. There have also been several announcements by insurance and reinsurance markets about restrictions or complete cancellations of war and political risk insurance for the Middle East, including the Persian and Omani gulfs, the Arabian and Red seas, the Gulf of Aden, and the Suez area.
• Basic cargo insurance (ICC "A" — All Risks) is still available, but coverage for war and political risks is assessed on a case-by-case basis. We are available for consultation and negotiation of high-quality, appropriate insurance solutions.

If you, your employees, or your loved ones are in the region:

• We recommend waiting for official repatriation flights or checking the availability of commercial flights directly with the carriers.
• In response to the current situation, most insurance companies are extending the validity of travel insurance policies until successful repatriation. 

If you are considering traveling to affected areas:

• We recommend following the Ministry of Foreign Affairs' current recommendations and carefully considering whether the trip is necessary.
• Cancellation insurance usually does not cover trip cancellations for preventive reasons, unless a travel ban has been issued by the official authority. Similarly, it does not usually cover flight or tour cancellations due to armed conflict. We are here to check with the relevant insurance company about the specific options for you.
• Consult your insurance broker about any necessary business trips to the region. We can verify the validity of your existing insurance coverage and negotiate the appropriate scope of insurance.

Even in difficult times, RENOMIA is a reliable partner for its clients. Thanks to our strong multinational partnerships and teams that specialize in international insurance programs, we have an up-to-date overview of the situation and can take care of our clients anywhere in the world.