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(Reuters) — London’s marine insurance market has extended the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday.
The London insurance market’s Joint War Committee issued a statement saying the additions detail areas of perceived enhanced risk for marine insurers and reflect the enhanced regional risk.
“The situation will be kept under close review,” the Joint War Committee said.
Its guidance is watched closely and influences underwriters’ considerations over insurance premiums.
The Joint War Committee, which comprises syndicate members from the LMA and representatives from the London insurance company market, normally meets every quarter to review areas it considers high risk for merchant vessels and prone to war, strikes, terrorism and related perils.
Four tankers comprising Saudi, UAE and Norwegian-flagged ships were attacked on Sunday off Fujairah. No one has claimed responsibility for the incident.
War risk insurance provider U.K. War Risks Club is investigating incidents of vessel sabotage that occurred off the coast of Fujairah on May 12, Hellenic Shipping News reports. Four cargo vessels, including two Saudi oil tankers, were sabotaged while on their way to cross into the Persian Gulf. The Saudi tankers suffered significant structural damage from the attack.