According to a Bloomberg report citing the latest Safety and Shipping Review 2026 released by Allianz, the global insurance industry is facing substantial claims for vessel damage as a result of the US-Iran conflict. As of June 15, the total value of vessels and cargo trapped in the Persian Gulf region has reached a staggering $125 billion, with pressure on the shipping and insurance markets mounting significantly.

The report confirms that multiple claims arising from the conflict have already been lodged, involving various vessel types—including containerships, bulk carriers, and tankers—that have come under drone and missile attacks. While the report does not estimate the specific quantum of potential losses, it notes that some claims could reach "total loss" level, meaning vessels are completely written off or beyond repair.

As the conflict has persisted, premiums in the specialist marine war risk insurance segment have surged dramatically. Allianz observes that single-voyage premiums for certain vessels transiting the Strait of Hormuz have now exceeded US$1 million. However, the growth in premium income has not fully offset the risk. In the early stages of the conflict, vessels were coming under attack almost daily, with the frequency of incidents placing sudden strain on insurers' claims payouts and eroding premium earnings in the process.

Regis Broudin, Global Head of Marine Claims at Allianz Commercial, stated in the report: "The principal losses so far have been concentrated in casualties and physical damage to vessels and cargo." He further noted that as the conflict continues, both the number and complexity of related claims are likely to rise, and insurers must be prepared for a prolonged period of handling these cases.

The report underscores that, as a critical artery for global energy transportation, the security situation in the Strait of Hormuz directly affects international shipping and insurance markets. Although the rise in war risk premiums has generated income for insurers, the high frequency of attacks has significantly driven up overall claims costs, and the industry's net risk exposure is expanding.

Currently, Allianz and other major marine insurers are closely assessing the situation and are advising shipowners and cargo owners to pay close attention to route safety and to arrange appropriate insurance cover to minimise potential losses.