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January 17, 2020
Indian insurers are under pressure in the wake of recent events involving US and Iran, with reinsurers turning wary and increasing premiums on coverage for crude oil shipments to India. Indian insurers largely depend on European companies to reinsure their risks.
However, amid the current tensions, a majority have hiked premiums and have also refused complete coverage. Though insurers too see the need to increase their charges, their customers, which are oil importers, are resisting the move.
In a maritime warning, the US said that heightened military activity and increased political tensions in the Gulf region continue to pose serious threats to commercial vessels.