Capitals, March 2 (SANA) – Several major maritime insurance providers have announced the cancellation of war-risk coverage for vessels operating in parts of the Middle East, citing escalating military tensions linked to developments in Iran and the Gulf region.
According to CNBC, insurers including Gard, Skuld, NorthStandard, the London-based Shipowners’ Club and The American Club said the cancellations will take effect on March 5, covering Iranian waters, the Gulf and nearby maritime zones.
Japan’s MS&AD Insurance Group also confirmed it has suspended issuing certain war-risk policies for ships operating near Iran, Israel and neighboring areas.
The move comes amid rapidly rising regional tensions following joint US-Israeli strikes on Iran and subsequent Iranian attacks targeting several Gulf states, raising concerns over maritime security and commercial shipping risks.
