London market expands Red Sea high-risk zone

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The London marine insurance market formally widened the area of the Red Sea it considers high risk in a July 29 advisory, following attacks on ships by Yemen's Houthi movement. The guidance was issued by the Joint War Committee, which includes syndicate members from the Lloyd's Market Association and representatives from the London insurance market. Because the committee's guidance is closely watched, the advisory directly shapes underwriters' considerations and could affect how insurers price or limit cover for vessels in the affected area, with immediate implications for risk allocation across the market.

Insurance market widened Red Sea high-risk zone after Houthi attacks