West Asia war impact: Insurers jack up hull, cargo premiums, withdraw war risk cover
The ongoing tensions in West Asia have resulted in higher logistics costs and trade disruptions. Insurers are reevaluating war-risk premiums and withdrawing marine hull war-risk cover, causing premiums to soar by 80%. The conflict in Iran and the Gulf has led to cancellations of war risk cover for ships, leading to increased premiums in high-risk regions like the Persian Gulf and Red Sea.