Insurers are quoting 5% to 10% of a ship's value to cover war risk, many times the typical 0.25% peacetime rate, said Philip Smaje, head of transportation and logistics at broker Aon. "It's the highest war risk rating I've seen in the last 25 years," said David Smith, head of marine at broker McGill and Partners. Rates are highest for vessels linked to the U.S. or Israel, Smith added.
"Insurance Costs Soar for Ships in Gulf -- WSJ," at 7:07 a.m. ET, incorrectly attributed some of the information to Smaje.
(END) Dow Jones Newswires
March 24, 2026 11:13 ET (15:13 GMT)
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