The last time marine insurers faced anything close to this was the tanker wars of the 1980s. What’s unfolding in the Gulf right now is shaping up to be worse.
Lloyd’s of London is facing an estimated £1.4 billion in losses tied to the US-Iran conflict, a crisis that erupted in earnest on February 28, 2026, when US and Israeli airstrikes hit Iranian positions and Tehran responded by blockading the Strait of Hormuz. The insurance bill has only grown since.
How bad is the damage
Marine insurers across the London market have collectively racked up estimated claims of between $1.5 billion and $2 billion as of late August 2026, with projections that total losses could climb as high as $3 billion.
That figure covers damaged vessels, stranded shipping, cargo losses, and, grimly, loss of life. At least 14 to 17 seafarers have been killed in the conflict as of mid-2026.
