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London expands war-risk insurance zone in Gulf amid Middle East tensions, spiking premiums and stranding over 150 ships.
London’s marine insurance market has expanded its high-risk zone in the Gulf to include waters around Bahrain, Djibouti, Kuwait, Oman, and Qatar due to escalating Middle East tensions.
The Joint War Committee, representing the Lloyd’s Market Association and major insurers, made the update following U.S. and Israeli strikes on Iran, citing increased war-related risks to shipping.
The move aims to close coverage gaps, stabilize supply chains, and ensure adequate war-risk insurance for vessels transporting energy and commodities.
Premiums have surged fivefold, adding hundreds of thousands of dollars per shipment, while over 150 ships remain stranded amid insurance cancellations and growing maritime insecurity.
Londres expande la zona de seguro de riesgo de guerra en el Golfo en medio de las tensiones en Oriente Medio, aumentando las primas y varando más de 150 barcos.