GIC Re Withdraws Marine Hull War Risk Cover in Several High-Risk Regions

State-owned General Insurance Corporation of India (GIC Re) will withdraw its Marine Hull War Risk insurance cover from several high-risk regions, including the Persian Gulf, Black Sea, Red Sea, and adjacent waters, effective from March 3. This decision follows rising geopolitical tensions and increased security risks in these areas. Ship owners are advised to review their insurance policies, as vessels operating or docking in these zones will be considered in breach of warranty under GIC Re's amended scheme.