shining a light
The Korean Reinsurance Company and other marine insurers are keeping a close eye on the ongoing tensions between the United States and Iran as they face worsening profitability.
Following the incidents in the Gulf of Oman, and specifically the Strait of Hormuz, over the past 12 weeks, the International Bargaining Forum designated the Straits as a Temporary Extended Risk Zone.
Ships sailing through the Strait of Hormuz and the Persian Gulf have been experiencing GPS interference and various other problems that US officials suspect is the work of the Iranians.
Insurance rates for tankers transiting through the world’s most important oil choke point have skyrocketed 10-fold in recent weeks.
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