Marine war, PVT rates rise after Saudi Arabia drawn into Iran conflict
PVT rates near 10% for most critical Saudi risks, sources say Marine war rate stays around 3% for Bab-el-Mandeb Strait transits, sources say Lloyd's expects £1.4 billion of losses tied to early-September Middle East conflict By Jemima Denham and George Abbott Sept 18 (The Insurer) — Insurance premiums have been volatile following Houthi attacks on Saudi Arabia in recent weeks, with rates for marine war unaffected while political violence and terrorism pricing has risen, sources told The Insurer. Marine war rate-on-line is around 3% for passage through the Bab-el-Mandeb Strait, unchanged since the Houthi attacks escalated in early September, sources said. Two underwriters told The Insurer marine war rates were based on a small sample size because of low vessel traffic in the waterway. While inbound requests have surged for political violence and terrorism cover in the region, fewer policies are being written overall. One source said rate-on-line was nearing 10% for the most critical risks, given the fresh wave of strikes on Saudi Arabia. Saudi Arabia's shipping industry has also been exposed following attacks on key export routes. The East-West Pipeline, which Saudi Arabia had relie
4 billion of losses tied to early-September Middle East conflict By Jemima Denham and George Abbott Sept 18 (The Insurer) — Insurance premiums have been volatile following Houthi attacks on Saudi Arabia in recent weeks, with rates for marine war unaffected while political violence and terrorism pricing has risen, sources told The Insurer. Marine war rate-on-line is around 3% for passage through the Bab-el-Mandeb Strait, unchanged since the Houthi attacks escalated in early September, sources said. Two underwriters told The Insurer marine war rates were based on a small sample size because of low vessel traffic in the waterway.
While inbound requests have surged for political violence and terrorism cover in the region, fewer policies are being written overall. One source said rate-on-line was nearing 10% for the most critical risks, given the fresh wave of strikes on Saudi Arabia. Saudi Arabia's shipping industry has also been exposed following attacks on key export routes. The East-West Pipeline, which Saudi Arabia had relied on during the disruption in the Strait of Hormuz, was closed last Friday after drone strikes earlier that week.
88 billion) of losses tied to the Middle East conflict. CEO Patrick Tiernan said the marketplace did not expect the war to result in a capital event.