Insurance costs surge in Red Sea after deadly Houthi ship attacks
War risk premiums have risen to around 0.7 per cent of the value of a ship, from around 0.3 per cent last week before the latest attacks took place, sources familiar with the matter said, with some underwriters pausing cover for some voyages.
Rates for a typical seven-day voyage period, which are set by individual underwriters, have been quoted this week at up to one per cent, matching the peak level in 2024 when there were daily attacks. This adds hundreds of thousands of dollars in further costs for every shipment.
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