Several insurers are excluding war risk in marine insurance policies involving Yemen, after the Houthis who control parts of the country announced on 31 October that they would join the ongoing conflict between Israel and Hamas.
Underwriters are providing binding insurance coverage that enables the UN to proceed with the Ship-to-Ship (STS) transfer of oil from FSO Safer in a mission to avert one of the world's largest oil spills and man-made environmental disasters, says the international broking group Howden.
The risks to the insurance market in Yemen have reached levels that threaten the survival of companies operating in the sector, as a result of the ongoing conflict in the country that has affected economic and investment activities.