Marine insurers still providing charterers’ war risk cover for Saudi-linked tonnage
- Saudi-linked vessels remain insurable for charterers’ liability, but face higher premiums driven by reinsurers’ concerns over Houthi attacks
- Saudi Arabia is reportedly considering a state-backed marine insurance facility covering war-related risks to ships, cargo and infrastructure
- The market response highlights growing reliance on buybacks and government-backed schemes as geopolitical conflicts reshape marine insurance
Saudi-linked vessels can still secure charterers’ liability cover despite new International Group exclusions, but at a higher cost, while Riyadh explores a state-backed marine insurance scheme to shield shipping from escalating Red Sea war risks
