Several maritime insurers will eliminate war insurance for ships operating in the Gulf.

　　Xinhua News Agency, London, March 2 (Reporter Gao Wencheng) Due to the spillover risks of the United States and Israel attacking Iran affecting international shipping, several maritime insurers announced on the 2nd that they will cancel war risk insurance for ships operating in the Gulf region starting from the 5th. This move will further inhibit ships from crossing the Gulf region.

　　According to the British "Guardian" report, several major maritime insurers headquartered in the UK, Norway, the United States, and others stated that starting from March 5, war risk insurance for Iranian waters and the Gulf and adjacent waters will be canceled. War risk insurance typically provides compensation for losses and damages suffered by shipowners due to acts of war and terrorism.

　　According to reports, from February 28 to March 1, at least 150 vessels, including oil tankers and liquefied natural gas carriers, were anchored in the Strait of Hormuz and surrounding waters, with at least 3 oil tankers damaged and 1 crew member killed. International Maritime Organization Secretary-General Domingos issued a statement on March 1, urging all shipping companies to remain highly vigilant and avoid ships passing through affected areas as much as possible until the situation improves.

　　Marcus Baker, Global Head of Maritime Business at Marsh, stated that several insurance markets had previously issued notices of suspension of war risk insurance in the Gulf region to allow insurers time to review the increased risks in the Middle East and assess rates. He expects that insurance rates in the relevant regions may rise from 0.25% to 0.5% or 1% of the insured asset value.

　　Some market analysts pointed out that recently, driven by the dual factors of ships rerouting and rising oil prices, the cost of cargo transportation through the Gulf region has soared. Rerouting means longer sailing times at sea and reduced capacity. If cargo must arrive at its destination at a specific time, ships must accelerate their sailing speed, leading to exponential growth in fuel consumption.