London marine insurers widen threat zone to include UAE after ship attacks

The move by the London insurance market’s Joint War Committee could push up premiums, tightening the screws on shippers operating services to the GCC.
Shipping, Maritime, Insurance, Gcc, Arabian gulf

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London’s marine insurance market has added Oman, the UAE and the wider Arabian Gulf to waters it deems high risk after ship attacks off Fujairah, according to Reuters.

The move by the London insurance market’s Joint War Committee could push up premiums, tightening the screws on shippers operating services to the GCC.

“The situation will be kept under close review,” said the Joint War Committee, whose guidance influences decisions by underwriters on insurance premiums.

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Four tankers, comprising Saudi Arabian, UAE and Norwegian-flagged ships, were attacked on Sunday off Fujairah. No one has claimed responsibility for the incident, but they took place against a backdrop of U.S.-Iranian tension with both warning of the possibility of war.

The UAE, Saudi Arabia and Norway have launched an investigation and have described the attacks as deliberate. They have not blamed anyone.

“Very little information is to hand about the explosions at Fujairah anchorage on May 12 and the circumstances and methods employed remain unclear,” the Joint War Committee said in further comments. “There is no doubt that considerable damage was done and there will be significant claims.”

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The London marine insurance market plays an influential role in the global marine insurance industry.

“The enmity between Iran and Saudi Arabia continues to create tensions as the Saudis believe Iran is trying to control strategic waterways,” the Joint War Committee said.

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