Maritime insurers cancel war risk cover in Gulf as Iran conflict disrupts shipping

The Guardian - World NewsCenter-LeftEN 4 min read 100% complete by Julia KolleweMarch 2, 2026 at 07:31 PM

AI Summary

long article 4 min

Following increased conflict in the Gulf, leading maritime insurers have cancelled war risk cover for vessels operating in the region, effective March 5th. This decision impacts at least 150 vessels, including oil and LNG tankers, anchored in the Strait of Hormuz and surrounding waters, a vital route for global oil and gas supplies. The cancellations are prompted by heightened risks after recent airstrikes and damage to tankers. While mutual P&I cover remains unaffected, insurers may reinstate war coverage at adjusted rates, potentially increasing insurance costs by 50-100%. Consequently, shipping costs have surged, with freight rates from Shanghai to Dubai more than doubling, and Dubai-based DP World suspending operations.

Key Entities & Roles

Key Player Opposition Context

North Standard 40% Skuld 40% Norway 50% Lloyd's of London 50% Gard 50% Ukraine 60% United States ×260% Hormuz Strait ×270% Russia 70% Israel 80% Gulf ×480% Iran ×590%

Keywords

war risk cover 100% iran conflict 90% maritime insurance 90% shipping disruption 80% gulf 80% freight costs 70% strait of hormuz 70% marine insurers 60% insurance rates 60% oil prices 50%

Sentiment Analysis

Very Negative

Score: -0.60

Source Transparency

Source

The Guardian - World News

Political Lean

Center-Left (-0.40)

Far LeftCenterFar Right

Classification Confidence

90%

Geographic Perspective

Gulf

This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).

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war risk cover iran conflict maritime insurance shipping disruption gulf freight costs strait of hormuz marine insurers insurance rates oil prices

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