Geopolitics is emerging as a major threat to shipping, according to the former head of the British Intelligence Service (MI6), speaking at an event arranged by insurance broker Willis Towers Watson.

Sir Richard Dearlove, ex-MI6 head and non-executive chairman of Ascot Underwriting, said shipping is increasingly exposed to state and non-state-sponsored terrorism.

“Geopolitics is back with a vengeance in our insurance world and in all areas of business,” he said.