Azure Risk’s Managing Director Anmol Sawlani shares his perspective.
The over-riding issue regarding Covid-19 and cargo insurance has been the accumulated values at ports, said Anmol Sawlani, a Hong Kong-based director at broker Azure Risk. These are higher than normal due to shipment delays, he added. These accumulations can breach policy limits when extensions have been sought.
Sawlani explained how one client “had accumulations in excess of US$70 million at port three times in the last 12 months”, making one extension impossible due to “capacity limitations.”
He added, “fortunately, we are well versed in seeking alternative support.”
As reported by InsuranceAsia News, there is still expected to be growth in the cargo market this year, albeit at a slower pace. Read the full article.