Hormuz Passage Costs Rise to 12.5 Percent
The maritime insurance market in the Strait of Hormuz is experiencing a rise in war risk insurance premiums, now ranging between 7.5% and 12.5% of the insured vessel's value. This increase is due to ongoing attacks and reduced shipping activity in one of the world's most critical energy corridors. It reflects a decline in the confidence of shipping companies and a decrease in operational volume, with many choosing to avoid crossing the strait or to cut back on insurance coverage, leading to higher insurance costs and threatening the viability of passing ships—especially older vessels or those with narrow profit margins. Meanwhile, insurance rates in the Red Sea remain much lower, between 0.35% and 3.5% of the vessel's value, despite the rising risks in that region.
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