Brit has created a consortium writing marine war and breach call risks. Keel offers up to US$152.2m of capacity per risk and provides instant quotes that are fully sanctions screened.
Hundreds of thousands of trips are made each year into high-risk areas excluded from annual war risks protection, with breach calls required to provide cover in a traditionally time-consuming placement process. Keel’s new trading platform now promises brokers a single interaction to place breach calls for vessels in seconds, and around the clock.
Gary Brice, head of marine and space at Brit, commented: “The insurance industry’s placement of breach call risks has historically been an onerous and time-consuming process. Through our Keel consortium, Brit is aiming to directly address this, delivering a solution that enables the placement of risks in seconds, not minutes, or days, as is currently the norm. We are delighted to have created Keel, and believe it’s easy to use platform and the technology that sits behind this will help expedite and enhance the writing of marine war breach call risks.”
Meanwhile, the waters of West Africa has been marine insurers nightmare and the incidents to marine trade is not showing signs of abating. The Gulf of Guinea in West Africa has long been a high risk area making it the focus of marine underwriters.
Challenging Gulf of Guinea for the unenviable position are the waters of Bangladesh and the South China Sea. Statista Research Report for incidents at sea in 2020 show that attacks by was lead by Nigeria recording 35, Indonesia 26, Singapore 23, followed by two West African countries: Benin 11, and Ghana 9 while Peru and Philippines had 8.