As a result of the increased tension in the Persian Gulf, the War Insurance market has reacted with increased rates for War Insurance cover for transits and port calls in these waters.
In this regard, with effect from 29 July 2019, the rate for any call to the Persian Gulf area (Persian or Arabian Gulf and adjacent waters including the Gulf of Oman west of Longitude 58° E) has been increased from 0,25% to 0,5%, the Club informed.
At the same time, the Swedish Club has tendered Notice of Cancellation in respect of certain terms for War insurance cover together with a Notice of Cancellation in respect of cover for calls to Iran.
As previously reported, an ongoing tension in the Middle East, in the wake of the tanker attacks in Gulf of Oman, as well as has brought major insurance costs for oil tanker owners, who load cargoes from the world’s largest crude-export region.
Shortly after these attacks, which were the second in the region within a month, war risk premiums that owners pay each time they go to the Persian Gulf have surged to at least $185,000 for supertankers, said Bloomberg citing market experts.
They rose to $50,000 after the first round of attacks off Fujairah, in May.
