Lates News

According to brokerage firm McGill and Partners, ship owners are reportedly presenting a "significant" demand for insurance coverage to pass through the Strait of Hormuz after the ceasefire between the US and Iran. David Smith, head of the company's maritime business based in London, stated that the increased demand has also led to "noticeable rate adjustments." He added that despite the ceasefire agreement, the situation in the region remains severe, and the Strait of Hormuz is still classified as a high-risk area. Andrew James, Managing Director of the maritime business at Arthur J. Gallagher & Co, said, "The latest ceasefire news is a positive signal that is expected to ease conditions for passage through the Strait of Hormuz and the entire region. It is still in the very early stages, but insurers have already started recognizing the ceasefire and reducing rates for some risks." He added that insurance companies will continue to remain cautious while observing the situation's development.