Hormuz blockade forces marine brokers to rethink risk across world’s trade chokepoints

For brokers, one ongoing problem is clients’ fear of being left exposed when cover clocks down. Srinivas Prasanna, senior vice president and marine hull leader in Asia for Marsh, said the market’s first reaction when the conflict started last month was alarmingly short-term. “The panic button was really on and every single day these conversations keep happening because, when the conflict started, markets just gave seven days cover,” he said.