Ship insurers pay more than $100 million in damages

Source: Business Insurance

August 27, 2019 Ship insurers have paid out more than $100 million in damages following a spate of tanker attacks and seizures in the Persian Gulf this summer, Hellenic Shipping News reported citing the Wall Street Journal. The Norwegian Shipowners’ Mutual War Risks Insurance Association said that war risk premiums have increased ten-fold this year, with ships crossing the Strait of Hormuz paying between $300,000 and $400,000 per sailing.