Business News of Monday, 2 March 2026Source: www.ghanaweb.comSeveral major marine insurers have suspended war risk cover for ships operating in Iranian waters, the Gulf, and nearby areas due to escalating tensions in the Middle East. War risks insurance protects ships and cargo against war-related hazards, such as mines, torpedoes, or acts of terrorism. According to a Reuters report, Japan’s MS&AD Insurance Group also confirmed it has suspended war risk insurance for ships in waters around Iran, Israel, and neighbouring countries. Shipping in the region has been disrupted, with at least 150 tankers, including crude oil and LNG carriers, anchored in Gulf waters beyond the Strait. Supply chain experts also warn that the suspension of war risk cover could increase shipping costs and disrupt global energy supply chains, with possible knock-on effects on fuel prices in import-dependent countries like Ghana.

Source: GhanaWeb March 02, 2026 13:08 UTC