Credit and political risk insurance has become a critical tool for mobilising capital into complex markets, supporting trade, investment and development finance through a period of heightened geopolitical and credit uncertainty. In this episode, Rafael Docavo-Malvezzi, global chief underwriting officer, political risk credit and bond at AXA XL, discusses the credit cycle, underwriting challenges, development finance and the role of the private market in supporting global investment. He also reflects on his career across risk management, economics and insurance, as well as his role as vice president of the Berne Union.

Geopolitical risk is putting global supply chains under renewed pressure, with the Strait of Hormuz crisis adding to existing concerns around trade disruption, tariffs and fragile logistics networks. Alec Russell, managing director, cargo for Arthur J Gallagher International, and Alex Vile, associate consultant, threat intelligence at AnotherDay, a Gallagher company, discuss how organisations are responding to supply chain risk in theory and practice. The conversation explores the immediate impact of Gulf tensions, the structural weaknesses exposed by recent disruption, and the role of insurance, crisis consulting and threat intelligence in building resilience. With nine-in-ten businesses experiencing a supply chain loss, this special episode, produced in association with Gallagher Specialty, examines what companies can do to prepare for the next crisis.

War in the Gulf in 2026 is a defining event for political violence. Underwriters face unprecedented claims activity, with individual Iranian missile and drone strikes accounting for hundreds of millions of dollars in damage, together representing more insured financial loss in just a few weeks than several years of the Russo-Ukrainian war.

Sandy Warne of Sukoon, Dan Callow of Starr, and Cosmo Warner of Price Forbes together discuss market reactions, capacity and pricing dynamics, regional exposure concerns and a rapidly evolving risk environment – as well as what’s likely covered or excluded by policies bought before the conflict.

The conversation is a shortened audio version of a recent webinar hosted by Global Reinsurance, which was named “Reinsurance in a Time of Escalating Tension”, available here. https://www.globalreinsurance.com/dwic-webinars/webinar-reinsurance-in-a-time-of-escalating-tension/1458331.article