Marine insurance cos considering canceling, repricing policies in the Middle East

RIYADH, Mar 01 (Arab News): Marine insurance companies are considering canceling or repricing policies in the Middle East, according to the Financial Times
This comes after the US and Israeli strikes on targets inside Iran, followed by missile attacks and retaliatory military actions in several countries in the region.
Marine brokers expect insurance premiums for ships to rise by up to 50 percent, given the region’s classification as a “war zone.”
Ship owners are considering rerouting their vessels to avoid the Strait of Hormuz and reduce risks to crews and cargo.
20 per cent of the global oil supply passes through the Strait of Hormuz.
Regarding oil prices, a rise is expected as 20 percent of global oil supply passes through the Strait of Hormuz, amid concerns about continued tensions in the region.
Air traffic in the Middle East was severely disrupted after several countries closed their airspace completely or partially, while regional and international airlines suspended or rescheduled flights.