London insurers launch $1bn war cover for Hormuz shipping

(AFP/Al Arabiya) London shipping insurers have agreed to provide $1 billion in extra coverage for vessels sailing through the Strait of Hormuz, a crucial trade route paralyzed by the Middle East war, in a statement seen by AFP on Friday. Insurance firm Beazley said it would lead a “marine war consortium” to provide the extra coverage via Lloyd’s, the leading insurance market. – London insurers launch $1bn war cover for Hormuz shipping

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