Before the outbreak of war, the war risk premium around Hormuz was about 0.25 percent of a ship's value. After that, rates rose to 10 percent. According to insurance broker Marsh , premiums are still between 3 and 8 percent at the end of August. "Premiums remain high because the situation is uncertain, the risk is difficult to calculate and one escalation can affect many ships and cargoes at the same time. Insurers are pricing in this cumulation risk again and again in order to keep war coverage available," explains Marko van Leeuwen, policy adviser for non-life insurance at the Dutch Association of Insurers.
Assessing the factual situation
The Joint War Committee of the Lloyd's Market Association keeps the Persian Gulf on the list of areas with an increased war risk for the time being. This also affects the Dutch market. Dutch transport insurers offer cover for ships and cargo through the co-insurance market, with a significant part of the war cover and reinsurance being provided through the London market. Van Leeuwen: "A political declaration does not make a shipping route safe. Insurers look at the actual situation: has the mine clearance been confirmed, can ships pass without incident, and which route is used? And there may also be other threats in the region in question."
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View the page Insurance: Red Sea and Strait of Hormuz. More information about transport, credit and travel insurance can be found on the theme page Situation Middle East. A more extensive article on this subject will soon be published in the Beursbengel.
New corridor, new questions
The chosen sailing route is also important. A new corridor through Iranian or Omani waters raises new questions. Van Leeuwen sums up: "A new shipping route does not automatically fall under existing coverage. Additional premiums may apply per trip. There may also be US sanctions when paying passage charges. And of course, the safety of the crew and ship plays an important role." Insurers, brokers and shipowners must therefore continuously check the route, policy conditions and parties involved in advance and adapt them to the risk.
Consequences for the Netherlands
The consequences extend beyond transport insurance. Statistics Netherlands reported that Dutch goods imports from seven Gulf countries in April were 55 percent lower than the monthly average of 2025. As a result, a disruption of this important route also affects transport costs, energy prices and inflation.