Surge in War Risk Insurance Premiums Amid Israel-Iran Conflict

War risk insurance premiums for shipments to Israel have tripled within the past week as a result of escalating tensions between Israel and Iran. The cost of a seven-day voyage to Israeli ports now ranges from 0.7% to 1.0% of a ship's value, significantly up from last week's 0.2%.

In light of escalating tensions between Israel and Iran, industry sources report that war risk insurance premiums on shipments heading to Israel have tripled compared to last week.

The cost for a seven-day journey to Israeli ports currently ranges from 0.7% to 1.0% of a ship's value, a notable increase from the previous rate of around 0.2%.

Varying approaches by individual underwriters will add substantial expenses, reaching tens of thousands of dollars per day for each voyage.

(With inputs from agencies.)