War-risk insurance claims linked to the conflict in the Middle East have reached approximately $2 billion, with more than 70 claims reported so far. The losses are among the largest faced by marine underwriters in more than a decade as attacks and security threats continue to affect commercial shipping across the region.

David Osler, Law & Marine Insurance Editor at Lloyd’s List, said the claims could be partly offset by higher income from war-risk premiums. The losses are considered the second-largest marine insurance payout in more than a decade, behind the insurance losses associated with the 2024 Baltimore bridge disaster. More than 72 attacks on ships have also reportedly been recorded since March.

While the Strait of Hormuz remains a major area of concern, security risks have spread to other shipping routes in the Middle East. Shipowners, operators and charterers may face higher war-risk premiums, stricter security requirements and changes in voyage planning. Some vessels may also be rerouted or kept away from areas where the risks to ships and crews are considered too high.

The impact extends beyond vessels that are directly attacked. Higher insurance costs, delays, longer routes and additional security measures can increase operating expenses and affect freight rates and the cost of transporting energy and other cargoes. For seafarers, the continuing threats also raise serious safety concerns as commercial vessels operate near conflict-affected waters.