Ship insurance prices stay high in Hormuz

The cost of insurance for ships passing through the Strait of Hormuz has risen significantly, reaching approximately 10% of the ship’s value due to increased attacks and declining maritime traffic. This escalation raises transit costs and poses an economic threat to shipping operations across the strait. Insurance rates now range between 7.5% and 12.5%, with one underwriter raising the rate to 12.5% last week, leading to fewer commercial voyages and greater caution among insurance companies. In contrast, maritime activity in the Red Sea remains much lower than in Hormuz, with insurance rates between 0.35% and 0.75%. There is excess competition and a higher number of ships passing through that region. Ongoing tensions between Washington and Tehran continue to escalate the crisis, increasing risks and putting additional pressure on the insurance market while complicating international navigation.

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