Article ID: 4b3e80a2769dfc2cb606f7109f9cf61471dc344d79e833a08c33d3f5bd3534e9
Source ID: secondary:businessinsurance.com
Published At: -
Extraction Method: bs4_heuristic
Body Text
Red Sea war insurance costs rise after Houthi blockade, sources say - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Red Sea war insurance costs rise after Houthi blockade, sources say Marine Middle East/Africa Jul 20, 2026 (Reuters) – The insurance cost of shipping goods through the Red Sea rose on Monday after Yemen’s Iran-aligned Houthis said they were imposing a naval blockade on Saudi Arabia, escalating risks for merchant shipping, insurance industry sources said. The move by the Houthis opens a new front against the United States in its war on Iran and widens the threat to global energy supplies and trade beyond the Gulf. Indicative war risk premiums rose to around 0.75% of the value of a ship, from around 0.3% on Friday before the Houthi announcement, according to the sources, who declined to be identified due to the sensitivity of the matter. Even a small change will mean hundreds of thousands of dollars in extra costs for a seven-day voyage. It is not clear how the Houthis would carry out a maritime blockade of Saudi Arabia, its northern neighbor along the Red Sea coast, or whether it would include a return to attacks on shipping. Saudi state oil giant Saudi Aramco, the world’s largest oil exporter, has increased use of the Yanbu terminal in the Red Sea since the U.S.-Israeli conflict with Iran began on February 28. Saudi Arabia-flagged, owned or operated vessels, vessels en route to or from Saudi Arabia and Saudi Arabia’s Red Sea ports were assessed at high risk of a Houthi attack, British maritime security company Ambrey said on Monday. “The Houthis made mistakes during the (2024) Red Sea crisis in targeting shipping with out-of-date affiliations to companies. It is likely that vessels could be targeted for mistaken identities,” Ambrey said. The full closure of the Bab el-Mandeb strait, the southern gateway linking the Red Sea to the Gulf of Aden, would halt Saudi oil exports to Asia and could reduce global oil supply by 7%. Red Sea traffic has not fully recovered since Houthi attacks off Yemen’s coast began in November 2023 in what the group said was solidarity with Palestinians in the Gaza war. Some Houthi attacks continued until mid 2025, only ending completely with the Gaza ceasefire in October last year. Suspected Somali piracy and ship hijackings have also risen in recent months in the Gulf of Aden, adding to further dangers for shipping. Related News Liberty Biberty gets a fuzzy second act July 20, 2026 Calif. utilization review reform modestly improved early treatment: RAND July 20, 2026 Chubb names Wixtead executive chairman of reinsurance unit July 20, 2026 Aon names Mahoney U.S. co-head, Northeast leader July 20, 2026 World Insurance hires former Acrisure executive July 20, 2026 Kentucky appeals court tosses $164M tow truck crash verdict July 20, 2026 Rokstone secures $1M capacity for autotransporter program July 20, 2026 Aon expands capacity for data center program again July 20, 2026 Surging cumulative trauma claims driving frequency, costs July 20, 2026 Facebook-f X-twitter Linkedin-in Business Insurance is a singular, authoritative news and information source for executives focused upon risk management, risk transfer and risk financing. Never miss important news: Become a Business Insurance Online subscriber today Subscribe Now Information About Us Contact Advertise Privacy Policy Terms & Conditions Copyright 2026. BUSINESS INSURANCE HOLDINGS Member, Beacon International Group, Ltd.
Metadata (JSON)
{
"score": 13.845
}