Several major marine insurers have suspended war risk cover for ships operating in Iranian waters, the Gulf, and nearby areas due to escalating tensions in the Middle East.

War risks insurance protects ships and cargo against war-related hazards, such as mines, torpedoes, or acts of terrorism. It complements a standard cargo policy and also covers losses from missing or hijacked vessels.

Notices posted on March 1, 2026, by Gard, Skuld, NorthStandard, the London P&I Club, and the American Club state that the cancellations will take effect from March 5, 2026.

How the US-Israel-Iran conflict could affect Ghana

Skuld said it is considering a “buy-back” option to reinstate coverage.

According to a Reuters report, Japan’s MS&AD Insurance Group also confirmed it has suspended war risk insurance for ships in waters around Iran, Israel, and neighbouring countries.

The move follows US and Israeli strikes on Iran over the weekend. Iran subsequently announced the closure of navigation through the Strait of Hormuz, which is a key passage for global oil and gas exports.

Shipping in the region has been disrupted, with at least 150 tankers, including crude oil and LNG carriers, anchored in Gulf waters beyond the Strait. Dozens more are stationary near ports in the United Arab Emirates, including Fujairah.

Several media reports indicate that at least three tankers have been damaged off the Gulf coast and one seafarer has died.

Supply chain experts also warn that the suspension of war risk cover could increase shipping costs and disrupt global energy supply chains, with possible knock-on effects on fuel prices in import-dependent countries like Ghana.

MA

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