The Financial Times, citing “informed sources,” reported that insurance companies are assessing ships linked to Saudi Arabia as “higher-risk assets” in the wake of the Iran war as well as the Houthi attacks, which has increased insurance costs and limited insurance coverage in the region.

The Financial Times added that Saudi Arabia has been negotiating with insurance brokers in London over a plan for insuring war and political risks backed by the government.

According to the outlet, such a plan could cover every incident, including the seizure of a ship or a missile attack, up to 700 million Saudi riyals, equivalent to $186 million.