Denmark has announced a big plan to support its shipping industry in case of potential conflicts.
The government plans to set aside nearly $1 billion to insure Danish cargo ships if private insurance companies stop offering coverage during dangerous situations.
On May 1, the Danish government announced that it would activate a special public insurance agency called the War Insurance Institute.
This agency will offer insurance when regular companies back out due to war or crisis. It will have access to a 6 billion-krone loan fund to help pay for any damage claims.
The Business Minister said that rising global tensions, especially in Europe, have pushed the country to be ready for worst-case scenarios. He said that it is better to be prepared ahead of time.
Denmark is a major player in global shipping. By the end of 2023, its merchant fleet was worth over 135 billion kroner (about $20
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