war risks News

Suspected Attack on 2 Oil Tankers Near Strait of Hormuz Stokes Fears of War

Two oil tankers were damaged on Thursday in a suspected attack near the entrance to the Persian Gulf, stoking fears that high-stakes diplomatic efforts won’t avert a military confrontation between the U.S. and Iran. Oil prices surged. The incidents, including …

Oil Tankers in the Persian Gulf Face Highest Risk Since 2005

Not since 2005 have the world’s insurers considered shipping in the Persian Gulf so dangerous for oil tankers. The Joint War Committee of London’s Lloyd’s Market Association said Friday that it would expand its so-called “listed areas” — those regions …

London Marine Insurers Expand Middle East Threat Zone After Saudi Ship Attacks

London’s marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums. …

Insurer Says Iran’s Guards Likely Facilitated Saudi Tanker Attacks: Reuters

Iran’s elite Revolutionary Guards (IRGC) are “highly likely” to have facilitated attacks last Sunday on four tankers including two Saudi ships off Fujairah in the United Arab Emirates, according to a Norwegian insurers’ report seen by Reuters. The UAE, Saudi …

International Shipping Lanes Could Be at Risk from Escalating Yemen Conflict

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say. While shipping companies have …

ACE Doubles Terrorism, Political Violence and War Insurance Capacity

ACE Group announced it is offering increased insurance capacity of up to US$100 million/100 million euros (previously US$50 million/50 million euros) for terrorism, political violence and war risks in response to evolving threats and increased demand from multinational clients. The …