GIC Re withdraws war risk cover

State-owned General Insurance Corporation of India (GIC Re) has withdrawn Marine Hull War Risk insurance for ships operating in designated high-risk areas, effective March 3, amid rising Middle East tensions. The move affects vessels transiting parts of the Persian and Arabian Gulf, Gulf of Oman, regions near the Black Sea and Sea of Azov, waters linked to Russia, Ukraine, Belarus, and stretches of the Red Sea, Gulf of Aden, and the Indian Ocean. The Persian Gulf and Red Sea–Suez Canal corridor have long carried higher war risk premiums. Industry sources said GIC Re and other reinsurers are also reviewing marine cargo and aviation insurance for operations in these zones.