War risk insurance rates in the Red Sea are unlikely to fall significantly until the Houthis declare an end to attacks on commercial shipping.
Rates are currently around 0.5% of total hull values, down from 0.7% to 0.8% late in 2024, following a period of few attacks and the return of some insurers to the market.
But the Houthi rebels have not yet committed to stopping attacks against shipping and have vowed to take up arms again if Israel fails to keep to its side of the Gaza ceasefire deal with Hamas.
