Premiums for marine hull and cargo coverage zoom after attacks on ships in the Strait of Hormuz
India’s general insurance sector is feeling the heat of the ongoing US-Israel war with Iran, with the conflict spilling over to multiple countries in West Asia.
Shipping activity in the Strait of Hormuz — a vital corridor — has been disrupted and oil shipments remain largely blocked after several tankers were damaged by Iranian strikes. The attacks on ships traversing the Strait of Hormuz has led to a spike in war-risk insurance premiums for marine hull and cargo, as also claims risk. The available insurance capacity has tightened.
Insurance companies have been reassessing marine risk coverage case by case, factoring in vessel routing, ports involved and reinsurer positions.
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