S&P analyst briefing highlighted updates to the Global Cargo Watch List, key themes included continued volatility in regions such as the Middle East, South Asia and parts of Africa, with changes driven by political unrest, military activity and infrastructure vulnerabilities, alongside some areas of improving stability. 

The Committee noted heightened geopolitical uncertainty, including potential escalation risks in the Gulf and evolving protest activity in the US, with implications for cargo disruption and supply chain resilience. 

Working party updates focused on progress across cyber exclusions, satellite pre-launch wordings and storage clauses. Increased market adoption of cyber endorsements was noted. Claims and legal discussions considered recent case law, policy interpretation issues and evolving exposures, including process clause and communicable disease wordings.