Hormuz blockade remains unresolved: War risk insurance premiums soar 32x, requires Iranian official document for coverage

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The shadow of the Strait of Hormuz blockade lingers, leaving the global maritime war insurance market in an absurd predicament: vessels must not only pay premiums 32 times higher than usual but also obtain a "passage permit" from the sanctioned Iranian authorities before anyone dares to underwrite them. (Previous coverage: NYT: Trump proposes VP Vance meet with Iranian Foreign Minister this week, leaves G7 early to oversee from the White House) (Background: Trump halts war with Iran: Haven't played golf in too long, need to win the championship first) Want to insure a vessel passing through the Strait of Hormuz? Go ask Iran for a permit first. This is the current reality of the global maritime insurance market. Marcus Baker, Global Head of Marine & Cargo at Marsh, told the WSJ that some underwriters have now made "obtaining an Iranian passage permit" a prerequisite for war risk coverage. In other words, shipowners not only have to pay exorbitant premiums but also have to knock on the door of a government currently under US sanctions. Baker bluntly pointed out the absurdity of this logic: "How do you know that what they give you actually guarantees the safety of the vessel?" With Iran under sanctions, the legal validity of these permits cannot be verified; insurance companies demanding these documents is, to some extent, more of a pretext to shift risk than a genuine risk management mechanism. The numbers are even more telling. Baker revealed that current war risk premiums range from 3% to 8% of a vessel's value. While this is a slight retreat from the 10% seen at the peak of the conflict, it remains 12 to 32 times the usual 0.25%. For a Very Large Crude Carrier (VLCC) valued at approximately $100 million, the insurance cost for a single transit is estimated to be between $3 million and $8 million. A recent report from S&P Global was even more direct: maritime war insurance has "virtually ground to a halt." Some underwriters have simply suspended quotes, while those still in business are pricing risk to the limit with high premiums and additional clauses. On March 2, 2026, senior officials of the Islamic Revolutionary Guard Corps (IRGC) publicly confirmed that the Strait of Hormuz is blocked and warned that any vessel attempting to force passage would face consequences. This waterway handles about 20% of global oil trade daily, and the ripple effects of the blockade are spreading from energy prices to the entire global supply chain. Although some vessels have passed after negotiating authorization with Iranian authorities, the overall situation remains highly uncertain. The Trump administration has also intervened through the US International Development Finance Corporation (DFC), providing up to $40 billion in revolving political risk insurance in an attempt to back some shipping operators, but market confidence has clearly not yet recovered.

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Published:2026-04-28 00:30:16

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