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War-risk fees to Iraq raised by 700pc
LONDON Top insurance firms have raised war risk charges for ships calling at Iraqi ports by around 700 per cent, shipping newspaper Lloyd's List was to report yesterday, a cost that will hit aid agencies pouring relief into the country hard.
"This is going to add millions of dollars a week to the bill for humanitarian relief," industry editor David Osler told Reuters.
Citing London market sources Osler said hull war risk premiums for a ship carrying grain into Umm Qasr had shot up to 3.5 per cent from around 0.5-0.6 per cent of hull value before the war began.
Assuming a figure of $20 million as the approximate value of the vessel concerned, the cost of insuring a typical seven-day voyage will will jump from around $100,000 to $700,000 he said.
Cargo insurance rates have also climbed, including for goods flowing into Kuwait, according to the newspaper, though details are sketchy.
Dozens of vessels, from the United States, Australia and Canada have been booked by aid agencies or are already on there way to the conflict zone.
In an article scheduled to be published in Lloyd's List yesterday, market experts argued that charges of up to five per cent of hull value and higher could be seen, similar to those charged during the 1991 Gulf War, if there were attacks on merchant shipping.
The chairman of the London War Committee, Rupert Atkin, told the paper that he had no personal knowledge of the 3.5 per cent quote, but said such reports were "entirely credible".
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