Marine insurers are preparing for a surge in claims due to the ongoing Iran war, which is disrupting shipping routes and increasing war-risk exposure across the Gulf. The conflict has led to rising premiums, complicated vessel movements, and a greater likelihood of losses from delayed voyages and cargo disruptions.
Allianz has noted that the situation is straining the global insurance market, particularly affecting shipowners operating in high-risk regions like the Strait of Hormuz. War-risk coverage, separate from standard marine insurance, is seeing higher rates and stricter terms as tensions escalate.
Industry experts highlight concerns beyond direct vessel damage, including business interruptions, rerouting costs, and claims from suspended sailings. Even without a complete closure of the Strait of Hormuz, the heightened threat is making shipping more costly and unpredictable.
For shipowners and cargo stakeholders, the conflict stresses the need to review war-risk coverage and any related clauses. With insurers bracing for larger claims amidst increased volatility, the Iran war promises to challenge maritime insurance markets in the coming months.
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