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Houthi attacks on commercial ships in the Red Sea hiked the shipping insurance rates, with fees being imposed to cover risks associated with conflicts. Since last Nov. 19, Iran-backed Houthis have targeted ships in the Red Sea that they suspect are linked to Israel or heading to its ports. Houthis say their attack is in support of the Gaza Strip, which has been witnessing a war since Oct. 7, 2023. According to the International Monetary Fund (IMF), Red Sea container shipping dropped 30% within a year.

Attacks by Yemen's Huthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes.

Attacks by Yemen's Huthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes.The Huthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 percent of global trade usually passes.

Attacks by Huthi rebels have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates.

Nigeria will remain on a list of the world’s riskiest waters that insurers rely on to determine how much to charge ships traveling to different countries, even after the government asked to be removed. Nigeria borders on an expanse of the Atlantic Ocean called the Gulf of Guinea that’s become the most perilous part