Several marine insurers said they are cancelling war risk cover for ships due to the conflict in Iran and the Gulf. Insurers including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations will take effect from 5 March.
According to notices dated 1 March on their websites, war risk cover will be excluded in Iranian waters, as well as the Gulf and adjacent waters.
Skuld added in its notice that it was working on a buy-back option to reinstate cover.
Japan's MS&AD Insurance Group told Reuters it had suspended underwriting of a range of insurance policies covering war risks in the waters around Iran and Israel and neighbouring countries.
Tensions in the Middle East have escalated sharply after the U.S. and Israeli forces launched strikes on Iran over the weekend, prompting Tehran to say it had closed navigation through the Strait of Hormuz, a key chokepoint for global oil and gas flows.
Several tanker owners, oil majors and trading houses have since suspended crude, fuel and liquefied natural gas shipments through the narrow waterway, and satellite data has shown vessels accumulating near key United Arab Emirates ports such as Fujairah.
Ship-tracking data on Sunday showed the disruption growing, with at least 150 tankers - including crude and LNG carriers - anchored in open Gulf waters beyond the Strait of Hormuz and dozens more stationary on the other side of the chokepoint.
The risks intensified further after at least three tankers were damaged off the Gulf coast and one seafarer was killed.
U.S. Vice President JD Vance said the U.S. and Iran left peace talks in Islamabad without reach...
Russia and Ukraine accused each other of violating a 32-hour ceasefire introduced to mark Orthodox Easter on Saturday (11 April). Russian offi...
The U.S., EU and their allies are racing to secure supplies of rare earth elements - essential materials for electric vehicles, wind turbines ...
At least 30 people were killed on Saturday in a stampede at Haiti’s Laferriè...
Hungarians vote in elections on Sunday that could see the end of hard right nationalist Prime Minister Viktor Orb&aac...
U.S. Vice President JD Vance said the U.S. and Iran left peace talks in Islamabad without reaching an agreement early on Sunday, after negotiations stretched into a second day.
Russia and Ukraine accused each other of violating a 32-hour ceasefire introduced to mark Orthodox Easter on Saturday (11 April). Russian officials said Ukrainian drones attacked targets in the Kursk and Belgorod border regions, injuring five people.
The U.S., EU and their allies are racing to secure supplies of rare earth elements - essential materials for electric vehicles, wind turbines and advanced technologies - as China maintains a dominant position in processing.
At least 30 people were killed on Saturday in a stampede at Haiti’s Laferrière Citadel World Heritage Site, with authorities warning that the death toll could rise.
Hungarians vote in elections on Sunday that could see the end of hard right nationalist Prime Minister Viktor Orbán’s more than 15 year rule. Opinion polls show Orbán’s Fidesz party trailing 45-year-old Péter Magyar’s centre-right opposition Tisza party.
U.S. and Iranian negotiators held their highest-level talks in half a century in Pakistan on Saturday in an effort to end their six-week war, as President Donald Trump said the U.S. military had begun the process of clearing the Strait of Hormuz.
Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's President said an Israeli strike killed 13 security personnel in Nabatieh.
Donald Trump’s flagship plan for post-war Gaza has come under scrutiny after reports that its financing is falling short of expectations, claims firmly rejected by the White House-backed Board of Peace.
Rising living and fuel costs are dampening spending during Thailand’s Songkran festival, traditionally one of the country’s busiest holiday periods, as consumers and vendors scale back celebrations.
U.S. and Iranian negotiators held their highest-level talks in half a century in Pakistan on Saturday in an effort to end their six-week war, as President Donald Trump said the U.S. military had begun the process of clearing the Strait of Hormuz.
The Iraqi parliament on Saturday elected Kurdish politician Nizar Amedi as the country's new president, following a parliamentary election last November.
Talks between the United States and Iran opened in Islamabad on Saturday (11 April) as the two sides sought to turn a fragile temporary ceasefire into a lasting agreement, amid disputes over Lebanon and sanctions relief.
Kazakhstan and Armenia are moving to deepen bilateral ties as shifting dynamics in the South Caucasus reopen long-blocked transport routes and create new economic opportunities.
Israeli and Lebanese envoys are set to meet in Washington on Tuesday in a rare U.S.-driven diplomatic effort to halt escalating violence between Israel and the Iran-backed Hezbollah movement in Lebanon.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment