Maritime insurers cancel war risk cover in Gulf: Impact on energy cost

Insurance companies are canceling war risk coverage for vessels in the Middle East Gulf due to the US/Israel-Iran conflict, disrupting shipping and leaving tankers damaged or stranded. The Strait of Hormuz is nearly closed, with several tankers damaged and two people killed. War risk premiums have surged, with insurance rates expected to rise by 50 to 100 percent or more as the conflict escalates.

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