Hormuz Blockade Persists; Insurers Demand Iranian Transit Permits for Vessels
Insurance brokerage Marsh reports that some insurers are now requiring vessels to obtain transit permits from Iran to secure war risk insurance in the Strait of Hormuz.
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- 📰 Published: April 28, 2026 at 09:52
- 🔍 Collected: April 28, 2026 at 10:01 (9 min after Published)
- 🤖 AI Analyzed: April 28, 2026 at 15:38 (5h 36m after Collected)
(CNA London, 27th, Combined External Dispatches) Insurance brokerage Marsh stated that some insurers have requested vessels to obtain transit permits approved by Iran before underwriting 'war risk' insurance, reflecting the uncertainty and high risk in the Strait of Hormuz, which remains effectively blockaded.
The Wall Street Journal reported Marcus Baker, Global Head of Marine & Cargo at Marsh, saying that each insurance company has its own considerations regarding underwriting conditions.
Baker mentioned that obtaining approval from Iranian authorities is no easy task due to ongoing sanctions, and the effectiveness of such permits is difficult to prove. "How do you know that what they give you really guarantees the safety of the vessel?"
Furthermore, insurers' concerns about the risks in the Strait of Hormuz are also reflected in premium pricing.
Baker stated that war risk premiums are currently around 3% to 8% of the vessel's value. Although this is down from the 10% seen before the ceasefire, it is still dozens of times the normal rate of 0.25%. (Editor: Chang Ming-hsuan) 1150428
The Wall Street Journal reported Marcus Baker, Global Head of Marine & Cargo at Marsh, saying that each insurance company has its own considerations regarding underwriting conditions.
Baker mentioned that obtaining approval from Iranian authorities is no easy task due to ongoing sanctions, and the effectiveness of such permits is difficult to prove. "How do you know that what they give you really guarantees the safety of the vessel?"
Furthermore, insurers' concerns about the risks in the Strait of Hormuz are also reflected in premium pricing.
Baker stated that war risk premiums are currently around 3% to 8% of the vessel's value. Although this is down from the 10% seen before the ceasefire, it is still dozens of times the normal rate of 0.25%. (Editor: Chang Ming-hsuan) 1150428