London marine insurers widen Middle East threat zone after ship attacks

London’s marine insurance market has extended the list of waters deemed as high risk to include Oman, the UAE and the Gulf after ship attacks off Fujairah, officials said on Friday.

The meeting is of the Lloyd’s Market Association (LMA) Joint War Committee, which normally gathers on a quarterly basis to assess security risks to shipping around the world.

The LMA represents all underwriting businesses on the centuries-old Lloyd's of London insurance market.

Lloyd's said that the Gulf, part of the Gulf of Oman, Oman and the United Arab Emirates had been added to the list. Saudi Arabia's risk areas were meanwhile expanded to include its coasts.

The Joint War Committee issued a statement saying the additions detail areas of perceived enhanced risk for marine insurers and reflect the enhanced regional risk.

“The situation will be kept under close review,” the Joint War Committee said.

Its guidance is watched closely and influences underwriters’ considerations over insurance premiums.

Four tankers comprising Saudi, UAE and Norwegian-flagged ships were attacked on Sunday off Fujairah. No one has claimed responsibility for the incident.