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Walid Mustafa, economic expert, insurance adviser and member of the Egyptian Insurance Union, disclosed billions of losses as a result of events between Iran and the United States, and, accordingly, economists expect to ignite the financial crises in the Middle East. In this connection, the News platform follows up on the economic implications of these confrontations and their impact on global trade.
Global impact of navigation and aviation
Expert Walid Mustafa confirmed in special statements to The original location of News.The war has led to heavy losses, including the interruption of air traffic and the impact of navigation on the Harms Strait, from which 20 per cent of world petroleum exports are passing through, and in a continuum, vital water corridors such as the Al-Mandab and the Soyce Canal have been affected, which is predicated on global commodity inflation, primarily the energy sector.
Insurance sector: most affected by conflict
Mustafa added that the insurance sector was the most vulnerable to losses, particularly the subsidiaries of maritime insurance, political violence and war; accordingly, the News planet expected a significant increase in maritime hazard pricing if the current escalation persisted; moreover, the expert noted that the closure of the Hemos Strait would disrupt the movement of exports and imports in the Middle East region in general.
Preparing the Egyptian market for recurring crises
With regard to the Egyptian market, the expert explained that the region had been used to such conflicts, but caution must be taken against broadening the rule of conflict following Iran ' s statements to strike American interests. It should be noted that the News Planet platform will update you on the impact of these accelerated developments on local and global markets.
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