Insurance rates spiral

THE LOCAL insurance industry is reeling in the after-shock of the recent US terror attack.
While the extent of financial loss to the industry is still unknown, shippers are already feeling the impact in higher insurance premiums.
"Insurance rates in the past were inclusive of war and strike cover. In many cases these rates have been doubled and insurance premiums have been adjusted to reflect this increase," Prestmarine marine marketing manager Susan Bester told FTW.
Worse still, in some countries the war and strike cover has been cancelled or increased by more than double and local insurers are working overtime to accommodate these changes.
According to Bester, in the new year, shippers can expect to see war and strike cover underwritten as a separate risk.
FTW's Alan Peat takes a look at the wider implications on pages 10 & 11.