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Yemenis pay $218 million annually for marine insurance

English - Monday 20 March 2023 الساعة 08:49 am

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Aden, NewsYemen, exclusive:

The recently issued report of United Nations experts stated that insurance costs for marine transportation of goods and commodities to Yemeni ports are estimated at $218 million annually, considering insurance as another area of concern against war risks.

 He added that additional shipping and insurance costs are being passed down the supply chain and to consumers as prices increase.

The marine insurance rate before the war was calculated at 0.025 percent of the total value of the ship, but since the war brought additional risks to ships docking in Yemeni ports, Yemen was classified as "high risk".

War risk insurance premiums, calculated according to the value of any ship entering a Yemeni port, attracted: 0.4 percent for the ports of Aden and Mukalla and 0.62 percent for the ports of Hodeidah and Saleef.

According to the report, for merchandise, the additional costs are about 0.1 percent of the value of the merchandise.

The report indicated that the delay in clearing goods through Yemeni ports also leads to the imposition of delay fees added to the import cost, and the delay fines currently range between 2 and 3 percent, depending on the number of days of delay in clearance.

The government stated that it was making efforts to reduce the burden of war risk insurance so that additional costs could be reduced.