Marine insurers lose billions supporting Hormuz energy flows: IUMI
Marine insurers have lost an estimated $2 billion covering war risks for Strait of Hormuz shipping during the US-Iran conflict, according to IUMI Secretary General Lars Lange. Cargo and hull premiums for Hormuz transits have risen by tens of times, but total insurance revenue fell sharply as daily crossings dropped from more than 130 to roughly 20. The text also reports 84 ships attacked in the region and at least 23 crew casualties.
Why it matters: This matters for energy security because war-risk losses and reduced transits through a chokepoint that handled 20% of global seaborne oil and LNG flows threaten the reliability of global energy supply.