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.
As the 13th edition of the World Urban Forum ended, Azerbaijan's Pavilion ...
A Turkish court has effectively removed the main opposition leader, Özgür Özel, in a ruling that has deepened political tensions and...
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Iran’s Revolutionary Guards (IRGC) said on Thursday (21 May) they would allow 31 commercial ships to pass through the Strait of Hormuz. AnewZ...
Disputes over control of the Strait of Hormuz and uranium enrichment continue to hin...
As the 13th edition of the World Urban Forum ended, Azerbaijan's Pavilion showcased reconstruction efforts in its liberated territories and foregrounded the importance of mine removal in resettlement efforts.
A Turkish court has effectively removed the main opposition leader, Özgür Özel, in a ruling that has deepened political tensions and rattled financial markets.
The 13th session of the World Urban Forum in Baku concluded with a high-level Women’s Roundtable focused on advancing gender equality and women’s empowerment in housing and urban development.
Iran’s Revolutionary Guards (IRGC) said on Thursday (21 May) they would allow 31 commercial ships to pass through the Strait of Hormuz. AnewZ’s Touraj Shiralilou reports from the strategic waterway as it becomes central to peace talks between Iran and the U.S.
Asian stocks surged on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers' strike at Samsung Electronics lifted shares of chipmakers.
Belarusian President Alexander Lukashenko has said Belarus will not be dragged into the war in Ukraine, while also stressing that Minsk and Moscow would jointly respond to any aggression against them.
The penultimate day of the World Urban Forum 13 in Baku will see Azerbaijan's Pavilion highlight post-construction efforts in Garabagh and East Zangezur, as well as host events on the future of Baku and architectural education.
NATO fighter jets were activated on Thursday (21 May) after at least one drone entered Latvian airspace, according to Latvia’s armed forces, marking the latest in a series of security incidents across the Baltic region linked to the war in Ukraine.
A French appeals court has found Airbus and Air France guilty of corporate manslaughter over the 2009 Rio–Paris crash, marking a major development in a case that has stretched on for 17 years.
A Turkish court has effectively removed the main opposition leader, Özgür Özel, in a ruling that has deepened political tensions and rattled financial markets.
A 13-year-old boy was killed in northern Gaza on Thursday (21 May) after an Israeli drone strike hit the town of Beit Lahiya, according to local health officials, as residents reported a renewed increase in Israeli evacuation warnings ahead of attacks.
Azerbaijan is stepping up efforts to strengthen its position as a regional hub for investment and connectivity ahead of the second Azerbaijan International Investment Forum in Baku this September.
Iran and Pakistan discussed developments in stalled Iran-U.S. negotiations during a visit to Tehran by Pakistani Interior Minister Mohsen Raza Naqvi, amid Islamabad’s ongoing mediation efforts.
President of Azerbaijan Ilham Aliyev held a telephone conversation with French President Emmanuel Macron on Thursday (21 May), with both leaders discussing bilateral ties, regional developments and ongoing peace efforts in the South Caucasus.
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