War Risk Insurance in Global Shipping: Updates and Implications for Nigeria

In today’s increasingly volatile geopolitical climate, war risk insurance remains a critical concern in global shipping and international trade. As the shipping industry grapples with the realities of modern conflict, stakeholders must now reevaluate the allocation of contractual risk, liability, and navigation rights. The rising tension in hotspots such as the Red Sea, the Black Sea, and parts of the Middle East has compelled insurers, shipowners, and global maritime regulators to update and adapt the legal and operational frameworks governing war risk insurance.