Several marine insurers, including Gard, Skuld, NorthStandard, the London P&I Club, and the American Club, are canceling war risk coverage for ships operating in Iranian waters and the Gulf, effective March 5. Japan’s MS&AD Insurance Group has also suspended underwriting war risk policies in the region. The decision follows escalated tensions after U.S. and Israeli strikes on Iran, leading to navigation closures in the crucial Strait of Hormuz and halting shipments of crude and liquefied natural gas.
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