Insurers cancel cover for ships in Persian Gulf

Several leading marine insurers, including Gard, Skuld, and London P&I Club, have announced that they are canceling war risk coverage for ships operating in Iranian waters and the Persian Gulf as of March 5. This is in response to the sharp deterioration in the security situation following weekend attacks by US and Israeli forces on Iran.

Tehran subsequently announced the closure of the Strait of Hormuz, a key artery for global oil and gas trade.

According to available data, the suspension of insurance coverage further complicates maritime transport in the region. Some tanker owners and energy companies have already suspended the transport of oil and liquefied gas.

Satellite data also indicates that hundreds of vessels are waiting at Emirati ports or anchored off the strait.

The situation has been exacerbated by incidents in which at least three tankers were damaged and one sailor died. Meanwhile, the Japanese group MS&AD has suspended the underwriting of similar insurance policies in the wider region.

(reuters, pir)