Marcus Baker, Global Head of Marine, Cargo and Logistics at Marsh spoke to CGTN Europe. He explained that ships can still be insured to travel through the Strait of Hormuz, although the war risk coverage in that region has increased to 3% or more of the ship's value due to recent attacks. The current crisis is not yet comparable to the impact of COVID-19 on the insurance industry, but its severity depends on the duration of the situation. The increased threats in the Red Sea and the Strait of Hormuz may cause ships to take longer alternate routes, impacting trade and oil transport.
