Arab War Risks Insurance Syndicate puts Lebanon on Hold Cover

The Arab War Risks Insurance Syndicate (Awris) has placed Lebanon under "Hold Cover" since 13 October 2023. This decision was made in light of the growing instability in the region, mainly due to the Israeli-Palestinian war.

Under this measure, Awris will continue to act as reinsurer for contracts underwritten before 13 October. As of that date, however, the fund will apply a selection of risks covered for marine insurance policies covering ships heading for Lebanon.

It is worth noting that the demand for war risks insurance has only increased slightly since the deterioration of the situation in the Middle East. This low demand may be explained by the surge in rates due to the application of additional premiums by reinsurers.