Insurance premiums to rise amid escalating Israel-Iran tensions

Insurance premiums and freight charges for shipping vessels plying global routes are likely to increase further amid escalating Israel-Iran tensions, with threats especially high for ships bound for western European nations and the U.S., The Economic Times reported. War risk insurance premium, which was earlier at around 0.05% before the crisis, is now between 0.75% and 1% of the insured value of the ship.