If Vladimir Putin decides that the special military operation must go into a state of war because it is made official that NATO is formally supporting Ukraine, an issue that has very important legal connotations, it will mean that Spain enters the war because it is part of NATO. Who dares to leave their properties in a state of war? The losses due to the cancellations of tourists who have contracted vacation plans in the south of Gran Canaria will be eaten up by hoteliers and tour operators. In the Canary Islands, no one wants to think about a war in Europe, but if it comes to this extreme, which depends on something so minor Like a snowflake on a gigantic ball, it would have implications without Ertes coverage as in Covid19 and a total paralysis of the airline industry. Colonel Pedro Baños said last weekend on YouTube that "the war is there." In the Canary Islands they are like with Brexit: waiting for it to happen to plan for subsequent measures. "At the moment Ukraine is attacking refineries, causing an increase in the price of oil," said Baños.
War risk coverage is very limited to the field of international transportation. Most policies in all countries exclude by default damages caused by a war, as they are potentially too great to be insured. In this article we tell you how war risk for insurance changed on the eve of World War II. It is the first time that the Canary Islands have witnessed a possible world war, with tourism being its main industry given that before it was intensive agriculture. The war exclusion clause became widespread internationally, and the premise that war destruction could not be the responsibility of insurers was established as a legal basis. For decades, the greatest difficulties for insurance with these risks have arisen in cases in which the authorship of an enemy military power cannot be clearly established, or that the damage is a consequence of the conflict. During this time, the courts have been responsible for settling a good number of complex disputes in this regard, many of them involving multinational companies that had suffered losses in countries at war.
To begin with, the insurance policy of tourists who decide to travel increases significantly because insurance companies cannot commit to fully protecting your trip. The travel insurance you choose must be valid in the Canary Islands, which is integrated into NATO. It may be the case that the policy covers most countries, but there is an exclusion in a very specific area or it may be that it is only a certain coverage that is invalidated at one point. All these details are included in the policy, review it in detail.
As the purpose of the trip would be for vacation, the coverage, services and assistance must respond to your specific needs, which will not be the same if you are traveling for pleasure as if you are traveling for business. If Germany or the United Kingdom establish in their institutional recommendations nuances for traveling for tourism reasons, it is essential that the tourist is always informed in a concrete and safe way of the requirements and obligations that they impose on their visitors.
The 20th century was the period in which insurance expanded and consolidated, becoming one of the basic elements of countless sectors of the economy. But above all, it was a time of great political changes that gave rise to the greatest wars that humanity had witnessed. In the difficult context of the first half of the century, insurance companies, which had experienced notable growth by offering protection against the risks of people and companies, found themselves at the crossroads of what to do when one of them was potentially so destructive.
War risks are still present today in the marine insurance sector (international transport, which includes ships, goods, planes...). In these lines of business, contracting coverage for war conflicts is common, although sometimes with specialized entities such as GAREX, a war risk consortium of which MAPFRE is a part. These are policies or coverages with their own conditions, rules and uses, and when a conflict breaks out, premiums for certain areas can skyrocket, according to professionals in the field.
The rest of the sectors of the sector, however, stopped working with war coverage decades ago. In the 30s, major risks such as war were covered mainly from London, where large companies already operated in a market that in many other latitudes was still only incipient. In 1938, London market insurers, who had already been taking steps in this direction, agreed to a standard war exclusion clause for non-marine business. The logic, present to this day, was that the risks derived from an armed conflict are simply too great to be covered. The date of 1938 is not coincidental. Europe was at a critical moment, with escalating militarism that would lead to World War II the following year. It was this phenomenon, which already had precedents in other countries, that led to the expansion of insurance exclusions.
