NEW YORK, March 2. /TASS/. Global insurance majors will terminate the coverage against war risks for the ships entering the Persian Gulf from March 5, Bloomberg reports, citing sources.

At least seven insurers, with Gard AS, NorthStandard and Steamship Mutual Underwriting Association among them, will cancel such coverage for the vessels entering the Persian Gulf, certain adjacent waters or waters of Iran.

The value of such insurance coverage has increased dramatically due to conflict escalation in the Middle East. According to market players, insurance rates for the Persian Gulf have recently doubled.