IRAQ-IRAN

War Risk Insurance Premiums in the Gulf Increased by 50%

According to the Lloyd's List of London, the war risk insurance rates for all Gulf ports, except for the UAE, have been increased by 50% as a result of the escalating attacks against Gulf shipping since the beginning of the year. Cargo rates remain unchanged. The increase means that war risk premiums will rise to 0.3752: of the insured value for cover from the earlier 0.25%. The new rate will be applied as of 21 May to...