Red Sea shipping insurance surges
Reuters, citing sources in the insurance sector, reported that cargo shipping insurance premiums across the Red Sea have risen significantly following the announcement by the Houthi group of an immediate ban on maritime navigation related to Saudi Arabia. This has increased the risks faced by commercial shipping. War risk premiums have increased to around 0.75% of the vessel's value, up from approximately 0.3% before the announcement, leading to insurance cost increases of hundreds of thousands of dollars. The security firm Ambrey pointed out that oil tankers and ships heading to Saudi ports are now at risk of Houthi attacks, threatening global trade movements and energy supplies, especially in the Bab el-Mandeb Strait.
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