Insurers warn risk of Iranian Gulf ship seizures remains high

Insurance company representatives have warned that, although a few weeks have passed since a ship was last seized by Iran, the risk of further escalation and seizure remains high.

Speaking at London International Shipping Week, Beazley insurance company’s head of hull and war Richard Young warned that risks remain high so rates are unlikely to come down soon.

Although the crisis is out of the news, “the pathways to potential escalation are manifold,” he warned.