Members received an update from S&P on changes to the Global Cargo Watch List, including revised risk assessments for Bolivia, Cuba, Venezuela, Russia and the Black Sea region. Discussion focused on the implications of evolving geopolitical conditions for cargo, marine and logistics exposures. Particular attention was given to developments in the Middle East and the Russia-Ukraine conflict, with members considering the potential impact on shipping routes, ports, storage assets and supply chains. 

The Committee reviewed ongoing market initiatives, including engagement with underwriters through the U35s network, and received updates from working parties. Discussions covered Satellite and Pre-Launch wording, storage-related coverage issues and proposed amendments to LNG clauses. 

Members also considered market claims and legal developments, with discussion covering forwarding clauses, cyber clause amendments, cancellation provisions and governance considerations relating to the GUA Schedule. The meeting concluded with recognition of the significant contribution made by Geoff Wilkinson to the Committee over many years.