The S&P update reflected continued volatility linked to the Middle East conflict, with targeted changes to the Global Cargo Watch List and sustained risk to regional shipping, alongside rising exposure in areas impacted by related geopolitical spillovers and anti‑cartel operations. 

Discussion of the Middle East and Ukraine conflicts highlighted persistent uncertainty, evolving military strategies and ongoing risks to port infrastructure and supply chains, while noting limited direct escalation threat to vessels in transit at this stage. Members considered implications for claims and underwriting, including vessel incidents, sanctions complexity and compliance considerations. Market dynamics such as increased freight rates and associated claims trends were also discussed. 

Working party updates noted progress across satellite, storage and LNG wordings, and confirmation that cyber clauses have gained traction in the market. Claims and legal discussions focused on complex contamination scenarios and policy interpretation.