Global marine insurers are preparing for significant claims linked to vessel damage sustained during the Iran conflict, with some cases potentially resulting in total losses of ships, according to Allianz SE.
In its latest shipping safety review, Allianz said it has already begun receiving claims related to the conflict, highlighting the growing financial impact on the maritime insurance sector after months of disruption in the Persian Gulf. The insurer did not disclose the expected value of claims but warned that losses could be substantial given the scale of assets exposed during the crisis.
The conflict severely disrupted one of the world’s most important maritime trade corridors, with Allianz estimating that vessels and cargo worth approximately $125 billion were trapped in the Persian Gulf as of June 15. More than 1,200 cargo ships were affected by the prolonged disruption around the Strait of Hormuz, a strategic chokepoint through which a significant share of global energy and commodity trade normally passes.
The war exposed commercial vessels to unprecedented security risks. Several tankers and merchant ships suffered damage during attacks and military operations in the region, while mariners faced heightened dangers amid missile, drone and naval threats. Industry estimates indicate that dozens of vessels were struck during the conflict, prompting a sharp escalation in war-risk insurance premiums and forcing shipowners to reassess Gulf trading patterns.
Marine insurers have been grappling with rapidly rising risk exposure since the outbreak of hostilities. War-risk premiums surged dramatically as underwriters sought to price in the possibility of vessel damage, cargo losses and business interruption. Some insurers temporarily withdrew coverage for voyages into the region, while others imposed stricter underwriting requirements.
Although shipping activity has gradually resumed following efforts to stabilize the region, Allianz said the conflict has fundamentally altered perceptions of maritime risk in major global chokepoints. The insurer noted that what had long been viewed as a theoretical worst-case scenario for the Strait of Hormuz became a real-world test of the resilience of global trade and marine insurance markets.
The episode is expected to remain a defining event for the shipping industry, with insurers, shipowners and cargo interests facing potentially billions of dollars in claims and higher long-term costs associated with operating in geopolitically sensitive waters.
