Rising insurance costs are a result of increased risk in the Red Sea.
Red Sea In World Map:1 Increased Risk In The Red Sea.
War risk insurance rates for trips through the Red Sea have gone up, according to Reuters, following several vessel attacks in the region.
Since Israel and Hamas started fighting in October, there have been numerous attacks in Middle Eastern waters.
According to Reuters, the southern Red Sea has been deemed a high-risk area by the London insurance market, resulting in higher rates for war risk.
According to Reuters, shipping companies are also thinking about other options. Some have even rerouted ships away from the Red Sea, which has increased travel times and expenses.
Red Sea Bordering Countries:
In addition, it has been reported that super-tanker average daily rates have increased, indicating the increased risks in the area. In general, industry stakeholders are involved in the Red Sea situation.
Rising insurance costs are a result of increased risk in the Red Sea.
War risk insurance rates for trips through the Red Sea have gone up, according to Reuters, following several vessel attacks in the region.
Since Israel and Hamas started fighting in October, there have been numerous attacks in Middle Eastern waters.
According to Reuters, the southern Red Sea has been deemed a high-risk area by the London insurance market, resulting in higher rates for war risk.
Red Sea Map:
According to Reuters, shipping companies are also thinking about other options. Some have even rerouted ships away from the Red Sea, which has increased travel times and expenses.
In addition, it has been reported that super-tanker average daily rates have increased, indicating the increased risks in the area. In general, industry stakeholders are involved in the Red Sea situation.
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