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Iran-US Conflict Rattles Merchant Shipping foreignpolicy.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignpolicy.com Daily Mail and Mail on Sunday newspapers.
‘We have increased our threat assessment towards vessels representing states engaged in the anti-Houthi coalition, and it seems apparent that US/UK vessels are the most desirable targets right now,’ argues underwriter
Saurabh Verma, Managing Director of Global Insurance Brokers, said the Red Sea scenario typically falls under the category of war risk for marine insurance.
Marine war risk premiums have soared around fiftyfold since before the war, to as high as 1% of the value of the ship, although about 0.7% appears to be more common.
Jan 23, 2024 // Houthi attacks against commercial shipping on the Red Sea are showing the continued vulnerability of the global goods trade. More worrying is the possibility that these attacks could mean further regional escalation in the wake of the Gaza conflict.