image credit: Unsplash

Attacks on Red Sea Shipping Menace 12% of Global Trade as War Risk Premiums Rise

December 6, 2023

Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade.

War-risk premiums for some vessels have been climbing since shortly after the outbreak of the Israel-Hamas war in early October, according to people involved in the market. Though the increases haven’t been big, they are a sign of the growing threat to merchant shipping in the waterway.

Read More on Insurance Journal