Insurance costs for vessels in the Persian Gulf have returned to multi-decade highs amid rising concern over Iranian strikes, while Red Sea shipping insurance rates are also spiking. McGilland Partners' head of marine said war-risk premiums for Persian Gulf vessels now run about 3–6% of vessel value versus roughly 0.25% in peacetime. He added the market currently views risk as possibly at its peak for the conflict. Escalating Houthi attacks in the Red Sea are pushing premiums higher for ships li

Insurance costs for vessels in the Persian Gulf have returned to multi-decade highs amid rising concern over Iranian strikes, while Red Sea shipping insurance rates are also spiking. McGilland Partners' head of marine said war-risk premiums for Persian Gulf vessels now run about 3–6% of vessel value versus roughly 0.25% in peacetime. He added the market currently views risk as possibly at its peak for the conflict. Escalating Houthi attacks in the Red Sea are pushing premiums higher for ships linked to Israel or Saudi Arabia; Red Sea war-risk rates have risen to roughly 0.3–1% of vessel value from about 0.1% a month ago.