Shipping insurance for Red Sea transit soars after mounting attacks in region

The cost of insuring vessels that will transit the Red Sea jumped again this week after mounting attacks in the region forced some ships to avoid the vital waterway.
Cover has now surged to about 0.5 percent of the value of a ship’s hull, according to three people involved in the market. That’s a sharp increase from earlier this month, when costs were pegged at around 0.1 percent to 0.2 percent of the hull value.