Gulf conflict costs marine insurers $2bn to date
- 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
- Underwriters warn that 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
- Despite escalating war losses, shipping disruption and softening premium rates, insurers insist capacity remains available for high-risk voyages through hotspots such as the Strait of Hormuz
Marine insurers face a mounting bill from the Middle East Gulf conflict, with estimated claims already reaching $2bn and concerns growing that a prolonged disruption could trigger far larger total loss payouts if vessels remain trapped for another six months
