The Committee reviewed recent geopolitical developments impacting cargo risks. Changes to the Global Cargo Watch List (GCWL): heightened marine risk for Russia due to Baltic port strikes, reduced ground risk in Malawi following peaceful elections, and ongoing severe risk in Ukraine amid infrastructure attacks. Analysts also highlighted continued instability in the Red Sea and potential escalation between Eritrea and Ethiopia, with implications for regional trade routes.

Working party updates covered the GCWL’s website presentation, with discussions on data display and risk categorisation. The Committee noted mixed market responses to the new cargo endorsement confirming coverage for physical theft where cyber was involved and agreed to monitor uptake and related JHC discussions. Progress was reported on clauses for Satellite and Pre-Launch, Storage, LNG/LPG, and Drop Down.

Under Claims & Legal, no major losses were reported post-Hurricane Melisa, though aggregation concerns were raised following a UPS aircraft crash. Additional topics included EU sanctions compliance and Brazilian insurance law changes.