In September 2022, a series of underwater explosions severely damaged the Nord Stream 1 and 2 gas pipelines in the Baltic Sea, leading to one of the largest energy infrastructure insurance claims in history. The English High Court's landmark Nord Stream judgment on this claim is set to have far reaching implications for the insurance of major construction and infrastructure projects worldwide. As geopolitical tensions, state sponsored sabotage, cyber threats and attacks on critical infrastructure become increasingly intertwined, the decision provides important guidance on how war exclusions, political violence and terrorism provisions may be interpreted in complex, high value claims.
This session will examine the court's reasoning and explore the practical implications for construction risk managers and insurance buyers across Asia, where many projects are located in strategically important trade corridors, offshore energy developments and politically sensitive regions. Delegates will gain insights into how to review policy wordings, assess potential coverage gaps, structure resilient insurance programmes and ensure that emerging geopolitical risks are appropriately addressed before the next major loss occurs.