Ship Insurers Brace for Major Claims as Iran War Raises Maritime Risk

Marine insurers are bracing for a wave of claims as the Iran war continues to disrupt shipping routes and heighten war-risk exposure across the Gulf and surrounding waters. The conflict has pushed up premiums, complicated vessel movements and raised the likelihood of losses linked to delayed voyages, cargo disruptions and security incidents.

Allianz has warned that the situation is creating fresh pressure on the global insurance market, particularly for shipowners operating in high-risk waters such as the Strait of Hormuz and the wider Middle East. War-risk cover is usually separate from standard marine insurance, and insurers have been charging higher rates or tightening terms as tensions intensify.

Industry observers say the biggest concern is not only direct damage to vessels, but also business interruption, rerouting costs and claims arising from suspended sailings. Even without a full closure of the Strait of Hormuz, the elevated threat environment has already made shipping more expensive and less predictable.

For shipowners and cargo interests, the conflict underlines the importance of reviewing war-risk coverage, sanctions clauses and voyage exclusions. With insurers facing larger claims and higher volatility, the Iran war is likely to remain a major test for maritime insurance markets in the months ahead.