Wartime risk takers keep $830 million in trade moving every day

Quick Summary:

Inside faceless office buildings scattered around London, a niche corner of the insurance market is keeping hundreds of billions of dollars in commodity trade moving through some of the world’s most dangerous waters.

As well as providing protection against acts of war, those entities also offer insurance for other parts of the voyage, whether it’s the value of the ship itself, the cargo or more esoteric threats such as kidnappings of crewmembers.

The market’s expansion isn’t just confined to new players, though.NorthStandard Ltd.—the world’s second-largest provider of insurance against calamities such as oil spills— said it plans to grow several business lines, including war cover.

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Article Details

Author / Journalist: Alex Longley | Bloomberg

Category: BusinessStartups

Markets: PhilippinesGuineaUkraineYemen

Topics: Marine Trade Been Protection London Providers Risk Cover Market Insurance Vessel

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-06 @ 11:40:21 (4 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1056 words

Reading Time: 6 minutes read

Sentences: 35 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 24915367

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Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

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