Marine insurers monitoring Israel-Iran war, may have to up coverage rates

In case the war escalates, insurers can cancel war risk coverage, and increase marine insurance rates

Marine insurers are monitoring the situation in the Persian Gulf, fearing that if the conflict between Israel and Iran escalates they may have to issue notices of cancellation for war risk coverage or revise insurance rates.

 

US President Donald Trump accused Israel and Iran of violating a ceasefire he announced on Tuesday and demanded both sides stick to the agreement. Iran’s parliament last week approved the closure of Strait of Hormuz, the sole maritime passage connecting the Persian Gulf to the open ocean and through which vast quantities of oil and liquefied natural gas are transported.

 

West Asia is already