SINGAPORE - Several marine insurers said ​they are cancelling war risk ‌cover for ships due to the conflict in Iran and the Gulf. War risk cover will be excluded in Iranian waters, as well as the Gulf and ‌adjacent waters, according to the notices. Skuld added in its notice that it was working on a buy-back option to reinstate cover. Japan's MS&AD Insurance Group told ⁠Reuters it had suspended underwriting of a range of insurance policies covering war risks in the waters around Iran and Israel and neighbouring countries. The risks intensified further after at least three tankers were damaged off the Gulf coast and one seafarer was killed.

Source: Bangkok Post March 02, 2026 13:07 UTC