IRMI Podcast Breaks Down War Risk Insurance in Today's Volatile Market

A new episode of The Edge of Risk Podcast by IRMI, available now on IRMI.com, examines how geopolitical conflict is reshaping war risk insurance across global shipping. In this conversation, Joel Appelbaum speaks with Steven Weiss of Incarnation Specialty Underwriters to unpack how rapidly changing conditions—particularly in key transit routes like the Strait of Hormuz—are putting insurance markets under real-time pressure.

The episode explains how standard marine policies respond when conflict emerges, often triggering cancellations and requiring specialized war risk coverage at significantly higher cost. Mr. Weiss walks through how listed areas are determined, why pricing can shift dramatically within days, and how exposures differ across hull, cargo, and liability coverage. The discussion also highlights lesser-known risks, such as blocked vessels and disrupted cargo flows, that can create financial exposure even without physical loss.

For risk managers, brokers, and anyone involved in global trade, the conversation offers a clear look at how insurance operates in an active conflict environment—and what to watch as conditions evolve. Listen to the full episode on IRMI.com to gain practical insight into one of the most complex and fast-moving areas of the insurance market.

The full episode is available on IRMI.com.