Danger increases in Strait of Hormuz, ships insurance premium becomes costlier by 10 percent

Due to tension in the Strait of Hormuz, maritime trade has been greatly affected. The price of war insurance i.e. war risk premium for ships passing through this area increases to almost the total cost of the ship. 10 percent Has reached. This situation is most serious in recent times, due to which the financial burden on companies carrying oil and other essential goods has increased manifold.

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Huge increase in insurance costs

As an example, a ship whose cost 100 million dollars is, his insurance premium which was earlier around 250,000 dollars used to be, now that $3 million to $10 million Has reached between. 17 June 2026 After the failure of ‘Islamabad Memorandum’, concerns regarding security have increased significantly. After the breakdown of this agreement, military tension in the region has intensified.

impact on trade and security

27 February 2026 Since then the Strait of Hormuz is considered practically closed. Where on normal days the average daily 60 ships used to pass by there 20 July 2026 to only 10 ships Only we can pass through here. currently more than 200 ships Waiting for your turn. Many insurance companies have now stopped taking new bookings for ships plying this route.

organization of the united nations International Maritime Organization (IMO) General Secretary of Arsenio Dominguez has expressed concern over rising insurance costs and asked governments to pay attention to it. There itself, Lloyd’s Market Association The Joint War Committee of India has now declared the entire Persian Gulf as a ‘high risk’ area.