Leaked international reports revealed that the Saudi Ministry of Finance and the General Insurance Authority have entered into urgent negotiations with the marine insurance market in the British capital, London.
Follow-ups – Al-Khabar Al-Yemeni:
These frantic moves came after the Joint War Committee in London expanded the classification of “high-risk areas” to include wide areas of the Saudi coast on the Red Sea, following the escalation of targeting tankers and ships linked to Riyadh and the pressure of the Yemeni-imposed “siege-for-siege” equation.
Faced with global insurance companies raising marine coverage prices to fantastic levels or completely refusing war risk insurance for ships heading to Riyadh’s western ports (such as Jeddah and Yanbu), the Saudi government rushed to launch a government-backed initiative allocating hundreds of millions of dollars. This step aims to provide guarantees and financial reserves to British insurance companies and brokers in the Lloyd’s market to encourage them to continue covering Saudi oil tankers and goods and prevent their complete withdrawal from service.
Financial shipping and maritime economy experts believe that this urgent recourse to the London market reflects the transformation of the military and field pressure in the Red Sea and Bab Al-Mandeb into a heavy financial and strategic cost burdening the Saudi economy. Security concerns are choking supply chains and imposing huge additional fees on export and import movement, making the sustainability of operations through major ports contingent on open government support to mitigate the repercussions.
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