Gulf conflict costs marine insurers $2bn to date
Underwriters fear hundreds of vessels could generate total loss claims after 12 months’ deprivation of use if the Hormuz crisis persists, potentially exposing the market to multibillion dollar liabilities
Marine insurers have incurred an estimated $1.5bn-$2bn in claims from about 70 casualties linked to the Middle East Gulf conflict, according to IUMI director general Lars Lange