New shipowners’ insurance launched in Hong Kong

November 21 2017 by InsuranceAsia News Staff

Shipowners in Hong Kong, China and other Asian countries can now buy a new marine insurance product that protects them from the risks of war and related perils.

The Hong Kong China War Risk Syndicate (HKCWRS), launched on November 20, covers marine hulls for acts of war, piracy and other potential dangers.

The maximum limit per hull is US$100 million. It will be supported by Asia Insurance, part of Hong Kong’s Asia Financial Holdings, and backed by other high-profile insurers, including China Taiping Insurance (Hong Kong), in a subscription format.

Asia Insurance Hong Kong chief executive officer Winnie Wong said the time is right for such a facility to be made available for Chinese and other Asian shipowners.

The HKCWRS has been welcomed by the Hong Kong Ship-Owners’ Association’s incoming chairman Jack Hsu and the Hong Kong Federation of Insurers.

A unique feature of the insurance is the ability of insurers to give notice to reappraise the situation in the event of increased risk.