Ship insurance costs stay elevated

The article reveals that the cost of insurance for ships passing through the Strait of Hormuz remains high, ranging between 7.5% and 12.5% of the vessel's value, reaching up to $10 million for a $100 million ship. This situation threatens the viability of commercial voyages through the strait due to declining shipping traffic and the impact of attacks. These conditions lead insurance companies to reduce coverage amounts or lower their coverage, thereby increasing transportation costs and raising the risks of service disruptions. Conversely, insurance premiums against war risks in the Red Sea range between 0.35% and 0.75%, thanks to increased competition and improved navigation in that area, while shipping through the Bab el-Mandeb Strait has decreased. The situation in the Strait of Hormuz remains vulnerable to further deterioration, and rising prices add pressure on the regional insurance and shipping markets.

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