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International

Insurers exclude war risk in marine policies involving Yemen

November 21, 2023 Reprints

Many insurers are excluding war risk in marine insurance policies involving Yemen, after the country’s Houthi rebel group announced that it will join the conflict between Israel and Hamas and threatened to target Israeli shipping, Middle East Insurance Review reported citing Al Mal News. Sherif Mohsen, general manager in charge of marine insurance at Al-Mohandes Insurance Co., said that reinsurers would be consulted when covering marine insurance risks on shipments goods passing through Yemeni ports, noting that coverage prices are likely to double due to the risk.

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Insurers exclude war risk in marine policies involving Yemen

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