Marine insurance costs are surging due to rising tensions in the Strait of Hormuz, a critical oil shipping chokepoint, following Iran’s parliamentary move to approve its closure.
Insurance premiums for vessels navigating the Strait of Hormuz have surged by over 60% due to escalating tensions between Israel and Iran, increasing the cost of insuring a $100 million ship to $200,000 per passage.
Insurance premiums for vessels navigating the Strait of Hormuz have surged by over 60% due to escalating tensions between Israel and Iran, with insurers factoring in increased risk of various threats.
