When will GIC Re's marine cargo war cover withdrawal be effective?

GIC Re's marine cargo war coverage withdrawal will be effective from March 5, 2026, with their liability ceasing by March 7, 2026.

Why is GIC Re withdrawing marine cargo war cover?

GIC Re is withdrawing marine cargo war cover due to rising geopolitical tensions in high-risk maritime zones, particularly near the Strait of Hormuz.

What happens to cargo that has already departed before the cancellation date?

Cargo that has already departed before the cancellation date will retain its existing war cover.

Home / Business and Economy / GIC Re Pulls War Cover: High-Risk Routes Now Uninsured

GIC Re Pulls War Cover: High-Risk Routes Now Uninsured

6 Mar

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Summary

GIC Re ceases marine cargo war cover in high-risk maritime zones.
Cancellation effective March 5, 2026, ceasing liability by March 7.
Tensions near Strait of Hormuz cited as primary reason for withdrawal.

GIC Re Pulls War Cover: High-Risk Routes Now Uninsured

State-owned reinsurer GIC Re has announced the cessation of marine cargo war coverage for facultative reinsurance contracts in numerous high-risk maritime regions. This significant withdrawal of cover is scheduled to take effect from March 5, 2026, with GIC Re's liability concluding by March 7, 2026.

The decision stems from escalating geopolitical tensions in the Persian Gulf and West Asia, particularly around the Strait of Hormuz, a crucial artery for global trade handling approximately 20% of the world's oil. This heightened risk has prompted major cargo carriers to suspend operations or reroute vessels, leading to port congestion.