{"id":5160,"date":"2026-03-05T15:43:06","date_gmt":"2026-03-05T15:43:06","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/5160\/"},"modified":"2026-03-05T15:43:06","modified_gmt":"2026-03-05T15:43:06","slug":"insurers-say-war-cover-still-available-for-gulf-voyages-as-shipping-crisis-deepens","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/5160\/","title":{"rendered":"Insurers Say War Cover Still Available for Gulf Voyages as Shipping Crisis Deepens"},"content":{"rendered":"

The global marine insurance market says war risk cover for vessels transiting the Persian Gulf and Red Sea remains available despite a wave of cancellations tied to the escalating conflict in the Middle East<\/a>, offering a potential \u2014 though limited \u2014 pathway for ships considering a return to the region.<\/p>\n

In a statement released Wednesday, the\u00a0International Union of Marine Insurance\u00a0said insurers are continuing to provide war cover for voyages through the region on a\u00a0single-voyage basis, even as underwriters reassess their exposure amid rapidly changing security conditions.<\/p>\n

\u201cThe granting of war cover for the Persian Gulf and Red Sea is and will remain available under specific agreement on a single voyage basis as long as navigation is authorised by governments and flag states,\u201d the organization said in a media statement issued March 5.<\/p>\n

The update comes as the maritime industry grapples with a sharp collapse in vessel traffic through the Strait of Hormuz following missile and drone attacks on commercial shipping and a widening conflict involving the United States, Israel, and Iran.<\/p>\n

Several members of the\u00a0International Group of P&I Clubs\u00a0\u2014 which collectively insure about 90% of the world\u2019s ocean-going tonnage \u2014 issued\u00a072-hour notices<\/a> of cancellation\u00a0over the weekend for certain war-risk policies covering Iranian waters and nearby Gulf areas after reinsurers withdrew capacity from the market.<\/p>\n

Those notices, issued March 1, took effect Thursday, March 5, effectively removing automatic war-risk protection for a wide range of liabilities linked to the region and forcing shipowners to negotiate coverage voyage-by-voyage.<\/p>\n

IUMI said such notices are a routine mechanism used by insurers when risk levels change rapidly and do not necessarily mean coverage disappears entirely.<\/p>\n

\u201cIt is important to recognise that a Notice of Cancellation does not, necessarily, end the cover,\u201d the organization said. \u201cWar cover remains available for owners and operators wishing to take it.\u201d<\/p>\n

Underwriters are now reviewing risks on a case-by-case basis as shipping companies weigh whether to send vessels through one of the world\u2019s most important energy corridors.<\/p>\n

The\u00a0IUMI\u00a0is separate from the\u00a0International Group of P&I Clubs, which insures shipowners\u2019 liability risks. The organization primarily represents insurers that provide\u00a0property coverage such as hull, machinery, and cargo insurance, while the International Group\u2019s P&I clubs collectively cover about\u00a090% of the world\u2019s ocean-going tonnage\u00a0for liabilities including pollution, crew injury, and cargo claims.<\/p>\n

The evolving insurance environment has emerged as one of the central factors shaping operational decisions across the shipping industry. Without war-risk cover, most commercial vessels cannot legally or contractually transit high-risk areas or call at ports in conflict zones.<\/p>\n

Commercial shipping through the Strait of Hormuz has slowed to a near standstill<\/a> as missile attacks, drone threats, and widespread electronic interference have rattled the region since U.S. and Israel strikes on Iranian targets over the weekend. While the strait technically remains open to navigation, vessel movements have collapsed as shipowners and charterers reassess the risks of transiting one of the world\u2019s most important maritime chokepoints.<\/p>\n

IUMI warned that the crisis is already reshaping vessel routing decisions and could disrupt global supply chains in the near term.<\/p>\n

\u201cThe situation remains fluid with a number of vessels being trapped in the Persian Gulf and many operators re-routing their vessels to avoid the high-risk areas,\u201d the organization said.<\/p>\n

Insurers are also closely watching the potential for risk \u201caccumulations\u201d\u00a0as ships gather at nearby ports and anchorages while operators wait for conditions to stabilize.<\/p>\n

\u201cWe are likely to see disruptions to supply chains in the short-term, as a result,\u201d IUMI said.<\/p>\n

The insurance body noted that its members primarily provide\u00a0property coverage, including hull, machinery, and cargo insurance, while\u00a0liability risks are typically handled by P&I clubs\u00a0operating within the International Group system.<\/p>\n

While coverage technically remains available, underwriters said the fast-moving security situation means insurers will continue reassessing their willingness to write new policies as the conflict evolves.<\/p>\n

\u201cIn the current fast-paced situation, insurers will regularly re-examine their ability and willingness to provide that cover,\u201d the statement said.<\/p>\n

The uncertainty leaves shipowners navigating a rapidly shifting risk landscape as they decide whether to resume voyages through the Gulf or continue diverting vessels away from the region. Industry analysts say the cost and availability of war-risk insurance \u2014 rather than formal navigational closures \u2014 may ultimately determine when commercial shipping begins returning to the strait.<\/p>\n

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