Data centres, energy projects, pipelines, ports and hotels across the Gulf are flooding insurers with requests for millions of dollars of cover against political violence, as asset owners move to limit their exposure to the escalating regional conflict.
Insurers and brokers said they have received hundreds of requests for political violence and terrorism insurance this week, to try to protect property against risks including war, terrorism and debris from intercepted missiles, as well as riots, strikes, protests and revolutions.
The trend underscores how investors in Gulf states such as Saudi Arabia and Oman are moving to limit potential losses as the regional war widens, with Iran and its allies launching drone and missile attacks on Israel and neighbouring countries in response to the US-Israeli bombing campaign.