RIYADH, 29 March 2003 — Premiums for maritime war insurance have increased by more than 300 percent to some ports in the Gulf, mainly Kuwait, due to the war in Iraq, a Saudi maritime official said.
Farid Abdel Jawad, head of the maritime transport committee in the Eastern Province Chamber of Commerce, said that shipping companies were informed of the increase in the premiums.
Premiums for shipments to ports such as Dammam doubled, while shipments to the port of Al-Shuwaikh in Kuwait went up the most — more than 300 percent, Abdel Jawad said.
He said international insurance companies will review their premium valuation once a week, saying that he expected more increases as the war continues.
