Gulf war-risk insurance pulled as Iran conflict disrupts shipping

Mutual marine insurers have cancelled war-risk coverage for vessels in the Gulf and Iranian waters as the Iran conflict escalates, prompting rerouting around Africa and higher costs. War-risk premiums could rise around 50%–100% (or more), pushing freight rates higher as routes tighten; CMA CGM and others have added surcharges, and several carriers are diverting Red Sea sailings, though Hormuz’s small share of global container traffic limits immediate systemic impacts.