NEW YORK, March 3. /TASS/. Blocking the Strait of Hormuz could lead to a 50-100% increase in the cost of sea shipping insurance in the area, NBC reported, citing Marsh and McLennan and Partners brokerage firms.
Disruption of passage through the strait and the constant threat to the lives of crews and merchant vessels in the strait can lead to voiding of current insurance policies, while the price of new insurance coverage can soar by 50-100% in the near future, according to the companies.
The Islamic Revolutionary Guard Corps (the elite unit of the Iranian Armed Forces) threatened on March 2 to burn any tanker attempting to cross the Strait of Hormuz. US Central Command (CENTCOM) announced later that the Strait of Hormuz was still open for civil navigation.