According to CoinMeta, and as reported by the British Financial Times, Saudi Arabia is in discussions with London-based insurance brokers regarding a state-backed war and political risk insurance program to address the threats posed by conflicts to Saudi trade. This program will provide insurance coverage for vessels in the region, and the Saudi Ministry of Finance is exploring the use of an “insurance pool” to offer insurance for vessels and maritime cargo assets at lower costs. The insurance pool can provide up to 700 million Saudi riyals (approximately $186 million) in coverage for each insured event. Insurance and reinsurance companies will provide the first layer of coverage, while the state-owned Saudi Export-Import Bank will offer backup support to ensure that each insured entity can receive additional protection worth hundreds of millions of dollars.