Maritime transport: the Lloyd's raises risk level in the Gulf

Five days following the sabotage attacks of four ships off the United Arab Emirates, the Lloyd's decided to raise the level of marine insurance risk in the Gulf. It was during an emergency meeting held on May 16, 2019 that the Lloyd's market Association (LMA) took such a decision.

Therefore, the Persian Gulf, part of the Gulf of Oman and the waters off Saudi Arabia, the Emirates and Oman have been added to the list of risk areas currently in force. The previous list already included areas threatened by war and maritime piracy in the Middle East among which Iran, Iraq, Israel, Syria and Yemen.

The rising risk level obviously results in an increase of insurance premiums for ships that travel in these areas.

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