SAUDI ARABIA

Cargo Insurance Rates Double for Ras Tanura

A change in the geographical boundary of one of the Gulf insurance rating areas has resulted in the doubling of cargo insurance rates for the main Saudi oil terminal at Ras Tanura. On 25 October London war risk underwriters altered the boundary of one rating category from the area north of 27 degs. 30 min. north to the area north of 26 degs. 30 min. north (excluding Iraq and Iran), while at the same time reducing the rate for the...