Several marine insurance companies have been alerted by reinsurers about the cancellation of war risk coverage in the Indian Ocean, Gulf of Aden, and Red Sea due to escalating security concerns. Skuld and West of England P&I are among those affected, with cancellations effective from August 16, 2026, impacting assureds operating in these regions.
On August 4, the Indian-flagged vessel Faize Noore Oliya was attacked and sunk off Yemen’s coast in the southern Red Sea. Identified as a bomb-boat attack, all crew members, including 13 Indians, were rescued by the Yemeni coast guard. The Indian government is coordinating efforts for their safety.
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