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Date: 07/12/2023

War risk insurance premiums up for Red Sea voyages

After three vessels were attacked in the Red Sea area and fears grew over worsening perils for commercial shipping, war risk insurance premiums edged up for Red Sea voyages, according to maritime and insurance sources. The London insurance market has listed the southern Red Sea among its high-risk areas and ships need to notify their insurers when sailing through such areas and also pay an additional premium typically for a seven-day cover period. 
 
Insurance industry sources said that war risk premiums had stayed firm between 0.05% and 0.1% of the value of a ship, from around 0.03% estimated before the attacks. Three commercial vessels came under attack in international waters in the southern Red Sea, the US military said. Yemen’s Houthi group claimed drone and missile attacks on what it said were two Israeli vessels in the area, as per a report.
 
Source: Exim News Service: Jeddah, Dec. 6



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