The event was held to mark the 35th anniversary of Bahrain-based Arab
War Risk Insurance Syndicate (AWRIS).
such incidents have driven up claims on the
war risk category, which covers physical damage to planes from hostile acts, to $600 million in just the last five months, The New York Times recently reported.
As the commercial aviation sector approaches its busiest renewal period, insurance rates are set to increase - with the
war risk portion jumping by up to 300% - following a series of major losses, including the Malaysia Airlines flight shot down over strife-torn Ukraine.
Arun Kumar, Assistant General Manager at UAE-based Alliance Insurance told Gulf News that
war risk insurance is calculated on the nature of aircraft involved, seating capacity, pilot and management history and the geographical area of the destination.
The committee blamed the heightened
war risk on the "warmongering US" and its South Korean "puppets" who were intent on invading the North.
Pro-Iran Maliki and Syria
war risk fracturing Iraq Iraqi Premier Nouri al-Maliki's drive to sideline the country's Arab Sunnites, his harassment of ethnic Kurds in autonomous Kurdistan, his subservience to Iran and his support of the Syrian regime risk fragmenting Iraq and embroiling Jordan.
It was being used by the British Government under their
War Risk Insurance programme.
This helps fleet managers to manage safe passage of their vessels through pirate attack areas,
war risk waters and embargo areas, and regions known for rogue waves.
My insurer disclaimed based on the
war risk exclusion.
In 2005, however, marine underwriters in London began a transition from covering piracy under hull policies to covering it under separate
war risk policies.
GAC Protective Solutions is designed to support vessel Masters to navigate safely through this
war risk zone, as determined by Lloyds of London.
Peters also reported that the US government will continue until the end of this year with providing airlines with
War Risk Insurance.
