Allianz: Iran war damages may trigger large claims

Allianz expects the insurance sector to face significant claims due to damages sustained by ships during the Iran conflict, estimating that ships and cargo valued at up to $125 billion were stranded in the Gulf until June 15. Insurance premiums have risen sharply as a result of the dispute, with protection costs potentially exceeding $1 million per voyage through the Strait of Hormuz. Container ships, cargo, and oil vessels have been damaged by missile and drone attacks. The report indicated that the losses include lives as well as substantial material damage to ships and their cargoes.

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