Marine insurance, premiums are back to 2002 level

In September 2003, the Yemen obtained from the Lloyd's war risk committee, and from several underwiters a concession whereby premiums were brought back to their 2002 levels for certain types of ships. The additional premiums applied (up to 300%) after the attack perpetrated against the French tanker Limburg have seriously affected the national economy. In February 2003, the government responded by first proposing a 150-million USD guarantee for attack-generated losses and then by tightening security measures in its ports. These additional premiums could be removed comprehensively in April 2004.