The claims tail may prove to be long. Even before the conflict, the International Union of Marine Insurance (IUMI) projected average hull claim costs rising 7 to 22% over five years, while Nordic insurer association Cefor reported in April 2026 that claims cost per vessel sat 33% above pre-pandemic levels. Régis Broudin, global head of marine claims at Allianz Commercial, said the insurer had already received claims notifications from the conflict, “some of which are significant” and potential total losses, with further claims anticipated as cargo deteriorates aboard trapped ships. Those vessels have also faced disrupted maintenance and biofouling, while the growing size of ships is pushing up general average claims – contributions can reach 50% of cargo value, which Allianz notes could exceed US$100 million for a carrier loaded with a few thousand electric vehicles.
Strait of Hormuz signals new maritime order, Allianz warns
