A decision by the reinsurance market to withdraw backing to protection and indemnity clubs for their fixed premium business in the southern Red Sea and Gulf of Aden has drawn criticism.
Steamship Mutual is the latest club to announce the cancellation of cover for charterers and fixed premium P&I with war risk extensions in the troubled region.
The move comes after its reinsurers withdrew backing for risks in the southern Red Sea, Gulf of Aden and part of the Indian Ocean amid continued Houthi attacks on shipping.
