War Risk Claims Top $2 Billion as Shipping Attacks Spread Beyond Hormuz
War risk claims have reached about $2 billion since the outbreak of fighting in the Middle East, with over 70 claims to date, according to maritime insurance experts. This is the second-biggest payout for marine underwriters in more than a decade, exceeded only by payouts on the container ship that brought down the bridge in Baltimore in 2024. War risk insurance premiums for the Strait of Hormuz have surged to between 40 and 60 times pre-crisis levels, adding roughly $7 or $8 to the price of a barrel of crude oil.
Why it matters: This development underscores the theme of maritime chokepoint disruption, as attacks on shipping and rising insurance costs reshape global oil trade routes and increase energy prices.