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Israeli Maritime Circles Voice Surprise over 3rd Increase in Mideast Insurance Rates

Israeli maritime circles have expressed surprise at the decision of the British insurance firm of Lloyds’ of London to double its maritime insurance rates on consignments to the Middle, East. The increase is one-quarter of one percent, raising insurance costs to one-half of one percent of the value of the goods. It is the third rate increase since the Six-Day War. The last increase followed Israel’s Dec. 28 raid on the Beirut Airport. Lloyds’ war risks rating committee and underwriters announced the increase, which will be from 70 cents to $1.40 per $240 of goods for sea cargoes to and from Israel, Egypt, Jordan, Lebanon and Syria.

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