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The closure of the Strait of Hormuz due to the ongoing U.S.-Israeli-Iranian conflict has led to a record increase in marine insurance costs, significantly impacting global shipping, which has decreased by 95%. Amid rising security risks, international initiatives are seeking to secure passage.
The rising threat from Iranian forces to ships in the vital Strait of Hormuz has led to a significant increase in marine insurance costs, impacting the global shipping industry. This escalation occurs amid heightened tensions from U.S. and Israeli military pressures on Iran.
Amanda Bjork, head of claims at Cambiaso Risso Asia, reported that risk levels in the Strait of Hormuz have reached a 'very high' status. This statement was made during her conversation with Bloomberg at the 2026 Asia-Pacific Maritime Conference.