Marine insurers are facing an estimated $1.5bn to $2bn of claims from about 70 casualties linked to the Middle East conflict, according to IUMI.
The mounting losses come as additional war-risk premiums for ships transiting the Strait of Hormuz have climbed to 7.5% to 10% of hull value, compared with 1% to 3% only weeks earlier. Other regional estimates put current pricing at 3% to 10%, against about 0.25% before the conflict.
Sabrina Qian, a director at shipbroker IFCHOR GALBRAITHS Singapore, said: “The war risk premium shot up by 40 to 60 times within two weeks after the war.”
Lloyd’s syndicates separately booked £1.4bn ($1.89bn) of losses from the Middle East conflict in the first half of 2026. The figure covers the wider Lloyd’s market and is not a marine-only loss total.
The International Maritime Organization had recorded 72 confirmed shipping incidents by 2 September, with 21 seafarers killed. That tally is separate from the insurance claim count. Sidr and Senegal Prosperity were damaged east of Khasab, Oman, on 31 August, with two seafarers killed aboard Sidr.
Lloyd’s chief executive Patrick Tiernan said the market had continued quoting maritime and other risks after hostilities began, while additional marine war capacity had entered through facilities led by US insurer Chubb and UK insurer Beazley. Strait of Hormuz transits remained significantly below pre-crisis levels.
Lloyd’s is a specialist insurance and reinsurance marketplace. IUMI is an international association representing marine insurance interests. Chubb is a US insurance group, while Beazley is a UK specialist insurer. IFCHOR GALBRAITHS Singapore is a shipbroking business.