Cargo owners now have covert protection: Willis introduces Undercover Service
In a move to address the challenges faced by the global transportation and logistics industry, Willis, a business under Willis Towers Watson (WTW), has unveiled a new insurance facility named 'Undercover'. This innovative solution, worth $200 million, is designed to safeguard cargo owners from geopolitical risks such as war on land, terrorism, political violence, and confiscation.
Key features of Undercover include comprehensive, tailored coverage offered through a single policy, reducing the gaps that typically arise with multiple policies. The facility simplifies claims processes by removing the need to determine the exact cause of loss, which can often delay or complicate claims related to geopolitical events.
Undercover also provides protection from fluctuating insurance costs tied to changing country risk ratings, offering cost stability for cargo owners in volatile regions. As a market-first solution, it delivers maximum certainty and clarity at times of heightened geopolitical uncertainty, addressing the fast-changing risk landscape faced by cargo owners today.
Ben Abraham, Global CEO of Willis Marine, has hailed Undercover as an innovative solution offering a clear, comprehensive approach to cover. He emphasised that this solution meets the need for clear and comprehensive risk cover when geopolitical risks escalate, especially during war or political instability.
In addition to Undercover, WTW has also introduced IMI Plus, an enhanced investment management insurance solution, and ProXS, a facility designed to provide professional companies with enhanced and cost-effective coverage. IMI Plus is designed to meet the needs of all kinds of asset managers, including wealth managers, hedge funds, and private equity firms, while ProXS offers a cost-effective solution for professional companies.
Brook Styles, Head of Cargo at Markel International, expressed pleasure at the launch of Undercover, stating it provides support to cargo owners by helping them navigate complex geopolitical risk environments with added confidence, clarity, and simplicity.
Despite the headwinds faced by the sector, the global transportation and logistics industry is taking a positive approach and looking to capitalise on opportunities. Willis Towers Watson's latest logistics report highlights the challenges and opportunities facing the industry, offering insights into the strategies that companies can employ to thrive in this dynamic environment.
[1] Willis Towers Watson Press Release: https://www.willistowerswatson.com/en-GB/insights/2021/03/willis-towers-watson-launches-new-200-million-insurance-facility-to-protect-cargo-owners-from-geopolitical-risks [2] Markel International Press Release: https://www.markel.com/en-gb/news/willis-towers-watson-launches-new-200-million-insurance-facility-to-protect-cargo-owners-from-geopolitical-risks [4] Willis Towers Watson Report: https://www.willistowerswatson.com/en-GB/insights/2021/03/global-transportation-and-logistics-industry-adapting-to-a-fast-moving-landscape-of-regulations-trade-tensions-and-political-instability
- The introduction of Undercover, a $200 million insurance facility by Willis Towers Watson (WTW), is an example of the growing trend in insurtech, offering innovative solutions for cargo owners facing geopolitical risks.
- In the face of complex geopolitical risks and ever-changing regulations, businesses in the transportation and logistics industry will benefit from WTW's reports, which provide insights into navigating the challenges and employing effective strategies for success.
