Marine war-risk insurance shifts to voyage-specific models

Marine war-risk insurance is shifting toward voyage-specific arrangements as underwriters demand more granular data regarding vessel routes and exposure to conflict zones. This change is driven by heightened volatility in major shipping lanes, particularly in the Strait of Hormuz.

According to the International Union of Marine Insurance, underwriters now require detailed information beyond a vessel’s age and flag, including specific travel paths, duration in high-risk waters, and time spent loading or discharging. As of September 16, 2026, the International Maritime Organization had verified 80 attacks on merchant vessels in and around the Strait of Hormuz since the current Middle East conflict began in late February, resulting in at least 22 seafarer deaths.

In response to these risks, insurers may issue Notices of Cancellation to reassess exposure when circumstances deteriorate, allowing for the reinstatement of coverage under revised terms. To manage these exposures, Lloyd’s has supported a new Strait of Hormuz war-risk consortium providing up to $200 million for hull and protection and indemnity exposures, alongside an additional $200 million for other coverage.