Hong Kong’s special pool offers cheaper war cover for 10 Chinese ships in the Gulf, bolstering the city’s role as a marine insurance hub.

Hong Kong is set to challenge London’s dominance in marine insurance as Middle East tensions highlight the city’s ability to provide war-risk cover at a lower cost, according to the local insurance regulator’s chairman. Stephen Yiu Kin-wah on Tuesday said the Insurance Authority had supported insurers in launching a special war-risk insurance pool last November, which now covered 10 mainland Chinese ships sailing in the Gulf. The pool, backed by five Hong Kong insurers, offers up to US$130…

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