Marine insurers have withdrawn war risk coverage for vessels operating in Iranian waters, the Gulf, and surrounding waterways amid rising regional tensions.
The development was reported by Reuters on Monday, citing official notices from leading insurance providers.
The move comes as recent attacks on vessels and regional strikes have escalated security risks along one of the world’s most strategic energy corridors.
Shipowners navigating these waters now face heightened operational and financial risks.
The report stated that major marine insurers, including Gard, Skuld, NorthStandard, London P&I Club, and American Club, issued notices dated March 1 announcing the cancellation of war risk coverage.
Skuld indicated it was working to provide alternative cover under revised conditions, suggesting that new terms may come with stricter requirements or higher premiums.
In a related move, Japan’s MS&AD Insurance Group suspended underwriting of insurance policies covering war risks in waters around Iran, Israel, and neighbouring countries, further tightening coverage for maritime trade routes.
Shipping through the Strait of Hormuz, which carries around one-fifth of global oil and large volumes of gas, has slowed significantly. At least 150 vessels, including oil and LNG tankers, are anchored in the Strait and surrounding waters, according to MarineTraffic data.
The disruptions have intensified concerns about energy supply security and global oil market stability.
The current escalation follows coordinated attacks by the United States and Israel on Iranian targets last Saturday, causing explosions and smoke plumes in Tehran.
The facility, a critical crude export terminal, is strategically vital for Saudi oil exports, highlighting how regional hostilities are impacting global energy flows.
Regional and international authorities have expressed concern over the escalating crisis and its global implications.
The ongoing strikes and counterstrikes continue to pose risks for maritime trade, energy prices, and regional stability, leaving the situation highly fluid and unpredictable.