War risk insurance premiums for ships transiting the Red Sea have more than doubled to as much as 1% of a vessel’s value following renewed Houthi attacks, Sri Lanka Guardian reports, citing the Financial Times. Before the July 6 sinking of the Greek-owned Magic Seas, rates were about 0.4%, but now insuring a $100 million ship could cost $1 million per voyage. U.S.-based Marsh & McLennan Companies Inc. confirmed the surge and warned rates may rise further if vessels continue to pass through the corridor instead of rerouting around the Cape of Good Hope in Africa.
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