Maritime Insurance Clubs to Halt War Risk Coverage in Persian Gulf

More than half of the world's leading maritime insurance clubs will stop providing war risk coverage for vessels entering the Persian Gulf starting Thursday. Bloomberg posted on X, highlighting the significant impact this decision may have on global shipping operations. The move comes amid heightened tensions in the region, prompting insurers to reassess the risks associated with maritime activities in the area. This change in policy could lead to increased costs and operational challenges for shipping companies navigating these waters. The Persian Gulf is a critical route for global oil and gas shipments, and the withdrawal of war risk coverage may affect the flow of these essential commodities. Industry experts are closely monitoring the situation to gauge its potential impact on international trade and shipping logistics.