Increased tension in the Persian Gulf Area
As a result of the increased tension in the Persian Gulf Area, the War insurance market has reacted with increased rates for War Insurance cover for transits and port calls in the area.
The Association wishes to inform its members currently covered for War insurances that with effect from 29 July 2019, the rate for any call to the Persian Gulf area (Persian or Arabian Gulf and adjacent waters including the Gulf of Oman west of Longitude 58° E) has been increased from 0,25% to 0,5%.
Simultaneously, the Association has tendered Notice of Cancellation in respect of certain terms for War insurance cover together with a Notice of Cancellation in respect of cover for calls to Iran.
In this respect, please refer to Circulars 423/2019 and 424/2019 published on the Association’s website.
For our Member’s interest and in order to illustrate the concern over the security situation in the Persian Gulf region, we herewith attach a newly issued report published by HIS Markit.
For any questions or more information on the above, please contact:
Tord Nilsson, Director Underwriting Reinsurance and Risk Control
Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.