Marine insurers have clarified that war risk insurance remains available for vessels operating in the Strait of Hormuz despite rising tensions and recent reports suggesting some coverage had been withdrawn.
The International Underwriting Association and the International Union of Marine Insurers said insurance protection is still being offered, although policies are being assessed more carefully due to the heightened risk environment.
Chris Jones, chief executive of the International Underwriting Association, said insurers rely on independent security experts to provide detailed assessments of high-risk maritime regions.
“The Persian Gulf is currently classified as an area of maximum risk severity,” Jones said. “However, insurance coverage remains available for operators navigating the region, including the Strait of Hormuz.”
IUMI confirmed that war risk coverage continues to be issued on a case-by-case basis for individual voyages, provided navigation through the area is authorised by relevant governments and flag states.
In rapidly evolving geopolitical situations, insurers frequently issue Notices of Cancellation on existing policies. However, IUMI emphasised that such notices do not necessarily mean coverage has been permanently withdrawn.
Instead, they allow insurers to reassess risk exposure and potentially reinstate coverage under revised terms.
Earlier this week, the Joint War Committee — which represents Lloyd’s marine insurance syndicates and the broader London market — expanded the list of high-risk maritime areas following escalating hostilities in the Middle East.
New zones added to the list include Bahrain, Djibouti, Kuwait, Oman and Qatar.
