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Red Sea Risk Insurance Tankers and Gas

Blanket exclusion for Saudi-linked tonnage under new Red Sea charterers’ buyback

  • Policy cancellations forced after reinsurance repricing
  • But clubs line up replacements in matter of days
  • Quotes ad hoc and charged per breach, say brokers

  • News

International Group P&I clubs have swiftly put buyback cover in place for Red Sea voyages after reinsurers withdrew support for ancillary war risk products, averting the steep premium increases seen during previous geopolitical crises, although Saudi-linked vessels face new restrictions

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    This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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