US EditionMarine insurers cancel war risk cover, tanker costs to rise as Iran ...
Seven major Protection and Indemnity clubs will end war-risk cover from March 5, impacting about 90% of ocean-going tonnage amid escalating Iran-related conflict.
- On March 5, major P&I clubs will stop war-risk cover for Persian Gulf transits, with seven of 12 International Group members including Gard AS, Assuranceforeningen Skuld, and London P&I ending cover at midnight London time.
- Iran's retaliatory attacks after Saturday's strikes sharply raised shipping risks, damaging three tankers, killing a seafarer, and causing 150 vessels to anchor near the Strait of Hormuz.
- Freight-Rate data show near-tripled benchmark tanker rates since 2026 start, with spot hires on the TD3C route near W225, equivalent to at least $12 million.
- The insurance withdrawal will dent appetite for Persian Gulf cargoes and push longer voyages for U.S. and West Africa, as about one-fifth of global oil demand transits the Strait of Hormuz.
- Eyssautier-Verlingue's Claire Jaunaux said `These cancellations are happening very quickly`, as brokers report cancellations since yesterday morning, with insurers possibly reoffering war-risk cover at higher prices.
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65 Articles
Hardly began the war around the Persian Gulf, insurers announced ship policies. However, it is impossible to escape from the region because satellite navigation is massively disrupted.
Iran crisis: Marine insurers cancel war risk cover, tanker costs to rise
Marine insurers are cancelling war risk coverage for vessels and oil shipping rates are set to surge further after the widening Iran conflict left at least three tankers damaged, a seafarer killed and 150 ships stranded around the Strait of Hormuz.
Major Insurance Clubs to End Ship War-Risk Cover in Persian Gulf
The world’s largest maritime insurance mutuals said they will withdraw war risk insurance cover for ships entering the Persian Gulf starting on Thursday, as the industry scrambles to work out how to price the cost of covering vessels sailing into the waterway.
Al-Monitor
Middle East war puts shipping firms in tight insurance spot
The outbreak of the conflict in the Middle East has seen maritime insurers cancel coverage, adding to the risk shipping companies face.Many insurers now refuse to offer war risk coverage for the Gulf, a key hub for global oil trade, as the war pitting Iran against the United States and Israel drags on. "We have been receiving coverage cancellations from certain insurers since yesterday morning," Gilles Legue, the head maritime insurer in France …
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