Viewpoint: War risk carriers on hostile ground, despite rate increases
Underwriters are now scrutinising voyages on a case-by-case basis, with large rises in premium occurring over the past two months. Lead insurers have already requested significant increases to premiums, renegotiated terms of cover and introduced riders to hull and machinery/war risks and cargo covers
With underwriting criteria more strictly applied and capacity reduced, more carriers are likely to exit the market while others sit tight and watch the political situation in the Strait of Hormuz unfold
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