- New War Risk Coverage Proposed for Danish Ships.
- State-Backed Insurance to Shield Denmark’s $20B Fleet.
- Denmark Moves to Protect Shipping Amid Global Tensions.
Denmark is set to allocate close to $1 billion to insure its merchant fleet against risks stemming from war or major global crises. The government released the plan Thursday, describing it as a timely precaution to safeguard maritime assets in case commercial insurance markets collapse amid geopolitical tensions, reports gCaptain.
Shielding a Leading Maritime Economy
Denmark is one of the world’s major maritime nations, with a merchant fleet worth more than 135 billion kroner ($20 billion) at the end of 2023. It is also the base for A.P. Moller-Maersk A/S, the world’s second-largest container shipping line.
Government Cites Heightened Global Tensions
“There are global tensions and war on European soil,” said Business Minister Morten Bodskov. That’s why it’s important that we are prepared – even for the most unpleasant scenarios.”
Revival of the War Insurance Institute
The scheme proposes to revive the War Insurance Institute, a state-owned institution that would be granted access to a 6 billion-krone loan facility for future insurance claims. The bill is to be tabled in parliament sometime later this year.
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Source: gCaptain
