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Hong Kong marine insurers gain edge over London with cheaper war-risk cover (www.scmp.com)

submitted 3 weeks ago by rss@news.abolish.capital to c/china@news.abolish.capital

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Hong Kong is set to challenge London’s dominance in marine insurance as Middle East tensions highlight the city’s ability to provide war-risk cover at a lower cost, according to the local insurance regulator’s chairman. Stephen Yiu Kin-wah on Tuesday said the Insurance Authority had supported insurers in launching a special war-risk insurance pool last November, which now covered 10 mainland Chinese ships sailing in the Gulf. The pool, backed by five Hong Kong insurers, offers up to US$130...

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