The S&P briefing included changes to global cargo and aviation risk scores, and scenario analysis for the Middle East and China–Taiwan tensions. Members noted continued uncertainty around the Strait of Hormuz and limited near-term escalation risk, though disruption scenarios remain relevant for marine exposures. 

Discussions covered engagement with U35s, agreeing to develop a targeted market event, and a review of Notice of Cancellation terminology, where the Committee concluded no change was required. Clause clarity, enforceability and regulatory considerations particularly around warranties and sanctions were emphasised. 

Additional themes included uptake of war risk codes, IUMI priorities (notably digital cargo crime), and claims exposures linked to forwarding charges, in particular to project cargo.