With an increase of 50%…increase in insurance prices for ships passing through the Strait of Hormuz

newspaper reported "Financial Times"On Monday, insurance companies informed shipowners that they would cancel insurance policies and raise coverage rates for ships crossing the Strait of Hormuz, following the US-Israeli attack on Iran." target="_blank">Crossing the Gulf is estimated at about 0.25% of the cost of replacing a ship, and may now rise by as much as 50%, according to Dylan Mortimer, head of the company’s warship hull insurance division. "Marsh" British Brokerage.

According to calculations for a ship worth $100 million, this means an increase from $250,000 to $375,000 per voyage.

Mortimer said that insurance costs for ships docking in Israeli ports, which were estimated at about 0.1% of the cost of the ship before the recent strikes, may rise by up to 50%, with insurance companies preparing for a possible Iranian response.
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Mortimer added that the biggest fear of insurance companies is Iran’s closure of the Strait of Hormuz. He added that insurance companies take into account the possibility that Iranian agents will attempt to board the ships and seize them.

Mortimer said: "If Israel and the United States continue to strike Iran, Iran will likely begin trying to exploit its influence by manipulating shipping traffic in the region"

Another broker reported that cargo-related war risk insurance companies – which cover goods transported on tankers Oilsuch as grains and oil – said it was preparing to cancel insurance policies on Monday.

Insurance companies, after canceling Insurance policies, were expected to renegotiate coverage at higher rates, rather than deny coverage for ships bound for the region.

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