Surge in War Risk Insurance Premiums Amid Israel-Iran Conflict
War risk insurance premiums for shipments to Israel have tripled within the past week as a result of escalating tensions between Israel and Iran. The cost of a seven-day voyage to Israeli ports now ranges from 0.7% to 1.0% of a ship's value, significantly up from last week's 0.2%.
- Country:
- United Kingdom
In light of escalating tensions between Israel and Iran, industry sources report that war risk insurance premiums on shipments heading to Israel have tripled compared to last week.
The cost for a seven-day journey to Israeli ports currently ranges from 0.7% to 1.0% of a ship's value, a notable increase from the previous rate of around 0.2%.
Varying approaches by individual underwriters will add substantial expenses, reaching tens of thousands of dollars per day for each voyage.
(With inputs from agencies.)
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