Willis has launched a US$200m insurance facility designed to help cargo owners manage geopolitical risk.

Developed with Markel, the facility combines cover for cargo, war on land, terrorism, political violence and confiscation.

Brook Styles, head of cargo, Markel International, said the transportation of goods is highly sensitive to geopolitical uncertainty, which has the potential to disrupt trade routes, increase operating costs and put pressure on the resilience of global supply chains. “We’re therefore pleased to have launched this new product, which provides support to cargo owners by helping them navigate today’s complex geopolitical risk environment,” he said.

Ben Abraham, global CEO, Willis Marine, added: “In a period of heightened geopolitical risk, cargo owners face enormous uncertainty in fast changing situations. This innovative solution is the first that offers a clear, comprehensive approach to cover, offering the maximum certainty exactly when it’s needed and when the worst happens.”

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