Iran taking ship crews hostage changes game for insurers
Posted On: Sep. 13, 2019 6:17 AM CST
Nick Busvine, partner at U.K.-based strategic intelligence firm Herminius Holdings Ltd., said that Tehran's drive to take British and American hostages while targeting commercial ships in the Arabian Gulf "changes the game" for the insurance industry, Hellenic Shipping News reported citing The National. In June, war risk premiums rose to $185,000 for super tankers heading to the Arabian Gulf. The premiums climbed to $50,000 in July following increased tension in the region.