Against the backdrop of intensified attacks on merchant vessels in the Black Sea, war-risk insurance premiums for certain particularly dangerous voyages have reached 20% of the vessel's hull value. This is reported by USM with reference to insurance market data and Lloyd's List, writes agronews.ua.
According to insurers, current maximum rates exceed even the levels recorded during the tanker war between Iran and Iraq in the 1980s. At that time, insurance premiums reached 7.5%, and in some cases exceeded 10% of the vessel's value.
"In particular, premiums at the level of 20% were offered to some vessels heading to the Caspian Pipeline Consortium terminal in Novorossiysk. At the same time, most insurance quotations remain significantly lower," the report says.
As noted, the sharp rise in insurance costs is occurring against the backdrop of a deteriorating security situation in the Black Sea. In recent weeks, attacks on merchant vessels in the region have become more frequent, particularly near the coasts of Romania and Bulgaria.