War-Risk Insurance to Cross the Strait of Hormuz Jumps to Up to 6% of Vessel Value

According to Insurance Journal and Bloomberg on Thursday, July 9, 2026, war-risk insurance rates for commercial vessels transiting the Strait of Hormuz have risen to between 2 and 6 percent of a ship's value, up from a fraction of a percent before the crisis. Marcus Baker, global head of marine at insurance broker Marsh, said that at the height of the recent escalation some vessels were charged as much as 10 percent of their value to transit, though no-claim discounts can reduce the headline rates. Two marine war-risk brokers and two underwriters told the report that quote requests have fallen since this week's ceasefire collapse, with visible shipping traffic through Hormuz having virtually ground to a halt.