The S&P briefing noted a significant escalation in Middle East risk, with material increases across Gulf states driven by sustained Iranian targeting of maritime and energy infrastructure, raising the prospect of disruption to shipping through the Strait of Hormuz. Broader analysis highlighted a fluid and evolving conflict, with ongoing implications for regional stability and global supply chains. 

Working party updates reflected continued progress across core projects. Changes to the Global Cargo Watch List were implemented promptly, while discussions on war risk cover focused on the application of Institute War Clauses, including attachment, duration and termination provisions. Ongoing work continues across cyber, satellite, storage and LNG clauses. 

The Committee also considered market practice and wording interpretation, including communicable disease and process clauses, concluding that existing approaches remain appropriate. Other discussions covered legal developments, committee effectiveness and emerging issues relating to jurisdiction and liability in cargo claims.