Two from gCaptain:
The global marine insurance market is rapidly retrenching from the Persian Gulf as escalating military conflict between the United States, Israel, and Iran pushes the region’s maritime risk profile to unprecedented levels.Over the weekend, multiple members of the International Group of P&I Clubs — which collectively insure approximately 90% of the world’s ocean-going tonnage — issued formal 72-hour notices of cancellation for certain war risk covers tied to Iran and adjacent Gulf waters. In a statement, the Group said it is “monitoring closely the developments over the weekend and the military operations currently taking place in the Persian Gulf,” adding that stakeholders would be notified immediately of any changes to mutual cover.
The cancellations are being driven by reinsurers withdrawing capacity for war risk exposures in the region — a critical development given the IG’s pooled structure and collective reinsurance program. Under the Group’s unique claims-sharing arrangement, its 12 independent, not-for-profit clubs pool large losses and collectively reinsure catastrophic exposures in the commercial market. Once reinsurers issue notice, clubs must follow to remain back-to-back with their reinsurance protections.
Among the clubs issuing notices were Gard, Skuld, NorthStandard, The London P&I Club, The American Club, and Steamship Mutual. Each cited materially heightened geopolitical and operational uncertainty, tightening reinsurance appetite, and escalating kinetic risk.
Cancellation notices issued March 1 will take effect at 00:00 GMT on March 5, 2026, after the required 72-hour notice period.
Geographic Scope: Iran and Gulf Waters Excluded
Upon expiry of the notices, war risk coverage under affected policies will be automatically terminated for liabilities arising in Iran and Iranian waters, including 12 nautical miles offshore, as well as the Persian/Arabian Gulf and adjacent waters, including the Gulf of Oman and all waters west of a defined boundary line running from Oman’s Cape al-?add to the Iran-Pakistan border....
....MUCH MORE
And March 3:
Trump Orders Federal Insurance Backstop for Gulf Shipping, Signals Possible Navy Tanker Escorts
If interested see also some earlier background:
- "Insuring the Wealth of Nations"
- "Insuring against the cost of insurance itself in Revolutionary-era America"
And:
How Maritime Insurance Built Ancient Rome
....MUCH MORE
