Red Sea: Houthi Attacks

Lord Beamish Excerpts

Thursday 24th October 2024 Lords Chamber

[Baroness Chapman of Darlington (Lab)]

Until the horrendous attacks by Hamas on Israel on 7 October, the peace process was progressing. An envoy was engaged, and it looked as if there may well be some progress. Sadly, that is not the situation that we are in at the moment. We will use every diplomatic lever that we can, in addition to the measures we are taking to defend shipping and prevent further attacks, to bring about stability and de-escalation.

[Lord Beamish (Lab)]

My Lords, one effect of the attacks on shipping in the Red Sea is the increase in maritime insurance premiums. London is a world leader in maritime insurance. What discussions are taking place with the maritime insurance industry to ensure that shipping is insurable?

[Baroness Chapman of Darlington (Lab)]

Clearly, the cost of insurance has been impacted by the activities of the Houthis. We have seen much shipping diverted around the Cape of Good Hope, which takes much longer and is more expensive. We are concerned about this. London is host to the International Maritime Organization, so we play a leading role in international maritime security. We continue to monitor closely the implications of this activity on the cost to shipping, which is one of the reasons why the action we have taken has been so decisive. We will continue to work as hard as we possibly can, using whatever levers are available, to prevent this danger to life and to stability in the region.