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War Risk Insurance

All articles tagged with #war risk insurance

business4 hours ago•4 min saved

Gulf war-risk insurance pulled as Iran conflict disrupts shipping

Mutual marine insurers have cancelled war-risk coverage for vessels in the Gulf and Iranian waters as the Iran conflict escalates, prompting rerouting around Africa and higher costs. War-risk premiums could rise around 50%–100% (or more), pushing freight rates higher as routes tighten; CMA CGM and others have added surcharges, and several carriers are diverting Red Sea sailings, though Hormuz’s small share of global container traffic limits immediate systemic impacts.

via The Guardian|

#business #freight-rates #gulf-of-hormuz

business2 years ago•1 min saved

Red Sea Attacks Drive Soaring Shipping Costs

Ongoing missile and drone attacks by Houthi militants in the Red Sea have led to soaring shipping costs, as vessels using the Suez Canal face higher insurance premiums or opt for the longer route around Africa. The attacks have disrupted global trade, causing shutdowns at European auto plants and raising concerns about consumer price increases. The Drewry World Container Index has more than doubled, partly due to a shortage of shipping containers caused by longer travel times. War risk insurance is now necessary for ships in the region, leading to increased costs for shipping companies.

via The New York Times|

#business #global-trade #red-sea