Strait strain: Premiums could be hiked, revoked war covers hit trade
War-risk insurance premiums are set to skyrocket, with insurers anticipating cancellations for vessels navigating the Persian Gulf. Following recent strikes, some marine insurers have already issued notices for ships transiting the Strait of Hormuz due to closure fears. Airlines are also suspending flights in the region, impacting coverage and leading to route diversions and increased costs for many.
War-risk insurance premiums are set to skyrocket, with insurers anticipating cancellations for vessels navigating the Persian Gulf. Following recent strikes, some marine insurers have already issued notices for ships transiting the Strait of Hormuz due to closure fears. Airlines are also suspending flights in the region, impacting coverage and leading to route diversions and increased costs for many.
