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...Some companies have already diversified their supply routes following the pandemic. This shock underscores the need for options. But the Suez and Panama Canal routes have few viable alternatives....
...Additional reporting by Eung Sea A version of this article was first published by Nikkei Asia on March 12. ©2024 Nikkei Inc. All rights reserved....
...The insurance sector is expecting a hefty bill....
...However, it remains unlikely that shipping companies will return to the Suez Canal, security experts say. 4....
...So far, though, they haven’t deterred the Houthis or indeed made any noticeable impact on the rising prices of freight or insurance....
...The marine insurance market has also seen a sharp rise in the cost of travelling through the Red Sea and Suez Canal as a result of a wave of attacks by Iran-backed Houthi rebels....
...First: the insurance sector is continuing to pay large ransoms to hackers, on behalf of companies, even though the governments of countries such as the US and UK have urged them to stop, arguing that this...
...“The biggest barrier is insurance companies,” said Lawrence Honig, a neurologist at New York’s Columbia University Irving Medical Center....
...Both companies have previously had deals blocked....
...However, most container ships are avoiding the route as well as the Suez Canal because of attacks by the Houthis....
...US health insurer Cigna has abandoned plans to merge with Humana, a blockbuster transaction that would have created a $140bn insurance giant, according to people familiar with the matter....
...The responsibility for keeping the trade artery open between east and west no longer lies with commercial shipping companies....
...Tomé said that UPS was in a “good position” to take advantage of the rerouting of shipments in response to the drought in the Panama Canal and the escalating conflict in the Red Sea....
...Worsening drought means the number of ships allowed to cross the Panama Canal each day will be slashed in the coming months....
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...(Climate change affecting the Panama Canal is more worrying.) Yes, freight and insurance rates have risen sharply and ships previously destined for the Suez Canal are being rerouted around Africa....
...The company spent billions of dollars acquiring truck-stop operator Pilot Flying J and insurance conglomerate Alleghany in recent years, adding them to a portfolio that includes ice cream purveyor Dairy...
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...Meanwhile, car insurance and auto repair shot up 2 per cent and 3 per cent, respectively, in March....
...Additional reporting by Ian Smith, Insurance Correspondent...
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