Insurers will begin charging extra for war insurance on commercial flights into the Middle East, according to Aon. The broker said Kuwait was among the countries where higher rates were being imposed. ...
Insurers will begin charging extra for war insurance on commercial flights into the Middle East, according to Aon. The broker said Kuwait was among the countries where higher rates were being imposed.
Additional costs would be highest for countries bordering Iraq, including Kuwait, Saudi Arabia, Jordan, Syria, Turkey and Iran.
Aon Aviation specialist Robert Karl said there was no consensus on which countries the insurers would require surcharges and how much charges would be.
Contracts for war insurance usually provide for cancellation seven days after a war begins. Karl added, however, that once the war begins insurers are free to raise prices.
It is understood that some London Market underwriters have invoked cancellation clauses and are ramping up replacement cover rates for war and terror cover by over 100%.
Aviation insurer AIG has said it would charge extra for insuring flights in the Gulf region when flights there resume.
An AIG spokesman said: "When they [airlines] are serving the Gulf region again, there will be a per-flight charge, to be determined."
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