LONDON: London’s marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums.
The London insurance market’s Joint War Committee said in a statement that the additions cover areas of perceived enhanced risk for marine insurers and reflected enhanced regional risk.
“The situation will be kept under close review,” said the Joint War Committee, whose guidance influences decisions by underwriters on insurance premiums.
Four tankers, comprising Saudi Arabian, UAE and Norwegian-flagged ships, were attacked on Sunday off Fujairah. No one has claimed responsibility for the incident.
The attacks took place against a backdrop of US-Iranian tension following Washington’s decision this month to try to cut Tehran’s oil exports to zero and beef up its military presence in the Gulf in response to what it called Iranian threats.
Iran accuses Washington of stoking tensions and had denied it had any role in the attacks.
The Joint War Committee, made up of syndicate members from the Lloyd’s Market Association (LMA) and representatives from the London insurance company market, normally meets every quarter to review areas it considers high risk for merchant vessels and prone to war, terrorism, piracy and related perils.
The Joint War Committee, which met on Thursday after developments in the Middle East ahead of Friday’s decision, also added adjacent waters around the Gulf of Oman to its high risk list. The last update to the list was in June 2018.
The UAE, Saudi Arabia and Norway have launched an investigation and have described the attacks as deliberate. They have not blamed anyone.
“Very little information is to hand about the explosions at Fujairah anchorage on May 12 and the circumstances and methods employed remain unclear,” the Joint War Committee said in further comments.
“There is no doubt that considerable damage was done and there will be significant claims,” it added.
The London marine insurance market plays an influential role in the global marine insurance industry.
A confidential Norwegian insurers’ report seen by Reuters concluded that Iran’s elite Revolutionary Guards were “highly likely” to have facilitated the attacks on the tankers.
Iran has said the attacks on the tankers were a cause for concern and has called for an investigation.
Iran said on Friday it could “easily” hit US warships in the Gulf, the latest verbal broadside in the spat between Washington and Tehran.
London marine insurers widen Middle East threat zone after ship attacks
London marine insurers widen Middle East threat zone after ship attacks
- The London insurance market’s Joint War Committee said in a statement that the additions cover areas of perceived enhanced risk for marine insurers and reflected enhanced regional risk
- The Joint War Committee also added adjacent waters around the Gulf of Oman to its high risk list
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
