John Healey,UK Defense Secretary The narrowness of the Strait of...
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World faces largest-ever oil supply disruption on Middle East war, IEA says
The supply could rise in April as some Middle East Gulf producers...
Chubb to be lead partner on US’s $20 billion Maritime Reinsurance Plan
“Together, DFC and Chubb have identified several American insurance...
‘Black Swan’ risks stalk container carriers in avoiding Iran war
Jeremy Nixon, the CEO of Ocean Network Express, said Monday there were about 750 ships caught up in what was effectively the closure of the Strait of Hormuz, with about half of them inside of the Gulf and half on the way there. About 100 of those are container ships,...
Iran conflict disrupts global shipping as tankers are stranded, damaged
War risk premiums have risen up to 1% of the value of a ship in the past 48 hours, from around 0.2% last week, industry sources said on Monday, which adds hundreds of thousands of dollars in costs for every shipment Insurance companies are canceling war risk coverage...
Insurance gaps leave airlines exposed as Iran conflict widens
Airlines have aviation war cover for their fleets, including damage to aircraft and liability, but revenue losses from operational disruption typically fall under business insurance policies that include war exclusions, leaving airlines to foot the bill, a second...
Iran vows to attack any ship trying to pass through Strait of Hormuz
"The strait (of Hormuz) is closed. If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze," Ebrahim Jabari, a senior adviser to the Guards commander-in-chief, said in remarks carried by state media. CAIRO:...
Zurich Insurance to acquire UK’s Beazley for $11 billion
"Together with Beazley, we will create the world’s leading Specialty underwriter, with around $15 billion of pro forma gross written premiums, exceptional underwriting expertise and data capabilities, and leading access to global distribution," said Mario Greco,...
Middle East Crisis: More oil tankers idle in Persian Gulf as attacks disrupt Hormuz
More than half of the world’s largest maritime insurance clubs have also now scrapped war-risk insurance for vessels entering the Gulf Dozens of laden oil tankers are hunkering down inside the Persian Gulf after attacks near the Strait of Hormuz have all but closed...
Middle East Crisis:Global Marine re/insurers issue notices of cancellation(NOC) under standard 7-day war clauses
Additional premiums for vessels transiting high-risk waters are rising sharply and may continue to fluctuate in the short term.Cargo war risk remains available; however, rates are increasing and quotations are being reviewed on a voyage-by-voyage basis, particularly...
Airports, hotel hit in overnight Iranian strikes in UAE, missiles and drones intercepted
"The Ministry stated that, since the beginning of the attack, 137 Iranian ballistic missiles launched towards the UAE had been detected, of which 132 were destroyed, while five fell into the sea. A total of 209 Iranian drones were also detected; 195 were intercepted,...
West Asia Crisis:Oil, gas tankers avoid Strait of Hormuz as tensions intensify
Tracking data shows some tankers turning around, and at least one shipowner decided not to send its vessel into the strait as a result of the broadcast. Some vessels continue to pass through though — seven ships were seen exiting Hormuz while six were entering after...
US and Israel launch military attack against Iran, could last days
The attack pushes the Middle East into a renewed military confrontation and further dims hopes for a diplomatic solution to Tehran's long-running nuclear dispute with the West. U.S. and Isreal have launched military strikes against Iran on Saturday plunging the Middle...