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London Marine Insurers Widen Middle East Threat Zone

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May 17, 2019

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reuters logo LONDON, May 17 (Reuters) – London’s marine insurance market has extended the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday.

The London insurance market’s Joint War Committee issued a statement saying the additions detail areas of perceived enhanced risk for marine insurers and reflect the enhanced regional risk.

“The situation will be kept under close review,” the Joint War Committee said.

Its guidance is watched closely and influences underwriters’ considerations over insurance premiums.

The Joint War Committee, which comprises syndicate members from the LMA and representatives from the London insurance company market, normally meets every quarter to review areas it considers high risk for merchant vessels and prone to war, strikes, terrorism and related perils.

Four tankers comprising Saudi, UAE and Norwegian-flagged ships were attacked on Sunday off Fujairah. No one has claimed responsibility for the incident.

(Reporting by Jonathan Saul Editing by David Goodman)

(c) Copyright Thomson Reuters 2019.

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