Insurance hesitation for US, UK, and Israeli ships in the Red Sea

CNN has reported a rising trend where more insurance companies are declining coverage for merchant ships connected to the US, UK, or Israel against war damage during voyages through the Red Sea.

The expenses for these policies have surged from 0.01% to 0.7% of the vessel's value. To put it in perspective, for a $100 million vessel, the insurance cost for a single voyage has escalated from $10 thousand to $700 thousand.