Lloyd’s of London, which includes major marine risk insurance companies, has announced that all specialized insurance companies will not cover Saudi and Saudi-linked ships.

This highly significant decision by a giant international entity stems from a loss of confidence in protection on the Saudi side, contrasted with great confidence in the Yemeni side’s capabilities to disrupt Saudi navigation. The decision stipulates that insurance companies will not cover:

• Saudi ships in the Red Sea.
• Ships heading towards Saudi ports in the Red Sea.
• Ships departing from Saudi ports in the Red Sea.
• Ships with financial or administrative ties to Saudi Arabia sailing in the Red Sea.

Lloyd’s of London: It is a specialized marketplace where the world’s largest insurance companies congregate, capable of providing insurance policies to cover major, complex, and rare risks related to war zones, which ordinary insurance companies often refuse to cover or cannot afford. Lloyd’s has become a syndicate for marine risk insurance companies.