The international marine insurance market is facing high payouts due to the conflict in the Middle East.

According to the British shipping media Lloyd's List Daily, on the 12th, the International Union of Marine Insurance expects that since the outbreak of conflict in the Middle East at the end of February this year, approximately 70 related incidents have led marine insurers to face claims totaling between $1.5 billion and $2 billion. The Secretary-General of the International Union of Marine Insurance, Lars Lange, stated that the current claims estimate includes economic losses from hull damage and lay-ups, and the related compensation has not yet been actually paid. However, based on the information currently available, the overall claims scale faced by the insurance market is about $1.5 billion to $2 billion. Lange warned that as the conflict continues, the insurance industry is increasingly concerned about another potential risk, which is that if a large number of vessels remain idle for an extended period, after being unable to operate for 12 consecutive months, the relevant insurance contracts may trigger total loss compensation clauses, potentially involving hundreds of vessels and further expanding the future claims scale. Reports indicate that factors such as the crisis in the Strait of Hormuz, attacks in the Red Sea region, and the Russia-Ukraine conflict are creating a cumulative impact on the shipping and marine insurance markets. Industry insiders believe that increased risk from conflict, shipping disruptions, and uncertainties facing major global shipping routes have begun to transmit to a broader supply chain. Lange noted that high-risk shipping routes, including the Strait of Hormuz, can currently obtain insurance coverage, "but it requires corresponding prices and conditions." The market generally believes that in the absence of signs of a peaceful resolution, further increases in premiums are almost unavoidable.