World · 2 March 2026
Insurers Are Cancelling Ship Policies Before Anyone Even Asks
Before Saturday's strikes, insuring a ship through the Strait of Hormuz cost around 0.25% of the vessel's value per voyage. That number is now heading toward 0.5%, meaning a single transit for a $150 million container ship jumped from $375,000 to $750,000 overnight. Marsh, the world's largest insurance broker, confirmed a 25 to 50% premium hike is underway. More alarmingly, major insurers like Skuld and NorthStandard sent cancellation notices before markets even reopened Monday, a step industry veterans say is almost unprecedented. Shipping giant Hapag-Lloyd immediately added a $1,500 war surcharge per container.Source: Insurance Journal
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