Red Sea crisis may push shipping insurance rates up 20%
Reprints
According to economic think tank Global Trade Research Initiative, the growing Red Sea crisis may push insurance premiums up 15% to 20% as the risk of cargo loss from piracy and attacks increases, The Hindu Business Line reported. Due to recent attacks by Yemen-based Houthi militants, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of about 20 days. The association added that the disruption caused by the militant group substantially impacts Indian trade, mainly with Europe, Africa, and the Middle East.
