Marine insurance companies are considering canceling, repricing policies in the Middle East

RIYADH: Marine insurance companies are considering canceling or repricing policies in the Middle East, according to the Financial Times This comes after the US and Israeli strikes on targets inside Iran, followed by missile attacks and retaliatory military actions in several countries in the region. Marine brokers expect insurance premiums for ships to rise by up to 50 percent, given the region’s classification as a “war zone.” Ship owners are considering rerouting their vessels to avoid the Strait of Hormuz and reduce risks to crews and cargo.

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