New Cargo War Risk Insurance Unveiled by Dubai Chambers and DP World

In a significant development for local businesses, Dubai Chamber of Commerce, part of Dubai Chambers, organized a special Export Majlis in partnership with DP World and Dubai Customs. The main focus was on unveiling DP World’s innovative Cargo War Risk Insurance programme.

A total of 267 participants, including manufacturers, exporters, and logistics firms attended, highlighting the initiative’s importance. The insurance programme is aimed at mitigating disruptions in Middle Eastern trade routes and facilitating smoother cargo transit amidst uncertainties.

Officials provided insights on the comprehensive advantages of the Cargo War Risk Insurance, which encompasses ocean freight, air freight, port storage, and inland transportation. This new solution offers more extensive protection compared to traditional policies that typically cover limited aspects of the supply chain.

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, reaffirmed the chamber’s dedication to empowering the private sector in navigating the evolving landscape of global trade. He emphasized that this initiative seeks to bolster operational resilience, enhance business continuity, and mitigate international trade risks.

Lootah indicated that the event fostered connections between businesses in manufacturing, logistics, and trade, aligning them with viable solutions to support continuity in supply chains and reinforcing Dubai’s status as a preeminent global trade and logistics hub.

Yuvraj Narayan, Group CEO of DP World, highlighted the increasing necessity for supply chain resilience within today’s complex global trade framework. Narayan explained that the Cargo War Risk Insurance aims to protect cargo operations and sustain trade flow along vital regional routes.

He further noted that by integrating DP World’s comprehensive logistics network with specialized risk coverage, companies can handle goods with greater assurance, even in higher-risk situations.

The initiative showcased during the Export Majlis brought attention to the insurance programme’s coverage against physical loss or damage due to war-related threats. It facilitates cargo movement across key trade routes like the Arabian Gulf and the Red Sea, along with adjacent inland transit routes.

This insurance solution is accessible to any enterprise engaged in trade within or through the Middle East, aiming to cover risks inadequately protected under standard insurance policies.

Simultaneously, Dubai Customs outlined its commitment to enhancing business continuity through strategic initiatives. These include developing regulatory frameworks for alternative trade routes, extending transit timelines, and improving cooperation with stakeholders to expedite trade processes.