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London Marine Insurers Add Sudan to High Risk List

Civilians are seen onboard a Saudi commercial ship after being evacuated by Saudi Arabia from Sudan to escape the conflicts, at Jeddah Sea Port, Jeddah, Saudi Arabia, April 26, 2023. Saudi Ministry of Defense/Handout via REUTERS

London Marine Insurers Add Sudan to High Risk List

Reuters
Total Views: 754
April 26, 2023
Reuters

LONDON, April 26 (Reuters) – London’s marine insurance market added Sudan to its of areas deemed high risk this week amid further fighting in the conflict-ridden African country, according to an advisory note. 

The addition of Sudan to the high risk list will mean that any ships sailing into the country will need to pay an additional war risk premium and also seek approval from their insurer. 

Advisory notes from the Joint War Committee, which comprises syndicate members from the Lloyd’s Market Association and representatives from the London insurance company market, are watched closely and influences underwriters’ considerations over insurance premiums.

Fighting in Sudan since April 15 has killed hundreds of people, sparked a humanitarian crisis with thousands fleeing their homes and prompted foreign countries to evacuate their citizens for fear of an all-out civil war.

Port Sudan accounts for the majority of the country’s international trade. 

“There is an elevated threat of military activity around the port, as such whilst operating in Port Sudan, there is at the least a substantial threat of stray ordnance,” insurer Skuld said. 

Leading global container lines A.P. Moller Maersk and Hapag Lloyd said this week they had stopped taking new bookings for Sudan for the moment. 

Maersk said the ongoing clashes “had a significant impact on logistics operations in the country.”

“The current political unrest in Sudan is posing supply chain challenges,” Hapag Lloyd said separately.

(Reporting by Jonathan Saul;Editing by Alison Williams)

(c) Copyright Thomson Reuters 2023.

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