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“caused insurance companies to put a hold on insurance for ships moving into the Persian Gulf through the straight of Hormuz.”
“none of the insurance companies are going to sign off and say, 'Yes, we will insure your ship to go through that straight until they are confident that the risks are low enough to risk their insurance money.'”
“AND SO WHAT HAPPENS IS THE INSURANCE COMPANIES SAY, OK, WELL, WE'RE NOT GONNA EAT THOSE COSTS. WE'RE GONNA PASS THEM ON TO YOU AND YOU AND YOU AND YOU AND ALL THE PEOPLE WHO ARE INSURED.”
“Insurers are going to cancel policies and raise prices for ships in the Gulf and the Straits of Hormuz. Brokers say that the cost of coverage will increase by as much as 50% after the conflict has erupted.”
“It's those insurers that have to um get the right premium for for war risk who want to cancel contracts, declare force majour, and get a uh a higher premium for continuing to operate in the area. That's caused a lot of the ships in the Gulf to just drop anchor and wait for further instructions.”
“The insurance you would think insurance would want to keep you well, but it doesn't. It actually makes more money if more people are sick. The more you pump up that volume of money, the more you make.”
“Nobody is economically incentivized to make people well. The medical system pays out on fee-based service. That means that the more tests the doctor orders for you, the more drugs he prescribes you, the more contact he has with you, the richer he gets.”
“It's the fear of launching attacks. That is enough for insurance companies to say, "We're not going to insure these vessels."”
“It's the fear of launching attacks. That is enough for insurance companies to say, "We're not going to insure these vessels."”