Middle East shipping insurance costs rise on Hormuz risks: Marsh

AI Summary

Marine insurance premiums for vessels transiting the Strait of Hormuz have sharply increased due to intensifying tanker attacks, reflecting growing underwriter reluctance amidst regional risks. The rising war risk insurance costs threaten further disruptions in crude oil flow through this vital shipping route.

Marine insurance premiums for ships transiting the Strait of Hormuz have surged as attacks on tankers intensify, with underwriters growing increasingly reluctant to provide coverage, while the Red Sea situation remains nuanced, according to a senior manager at insurance brokerage Marsh. The sharp increase in war risk insurance costs threatens to further disrupt crude flows ...