Cargo, credit and political risk in the Persian Gulf
Recent escalation around the Strait of Hormuz continues to reshape cargo, credit and political risk insurance in the region.
Both our Cargo and Credit & Political Risk teams shared this update on market conditions back in March 2026.
Cargo risks
War risk coverage in the Persian Gulf is tightening, but not uniformly. Some insurers are restricting or withdrawing capacity, while others continue to participate selectively through pre-notification mechanisms, adjusted pricing, and bespoke placements.
Stranded cargo remains insurable, subject to comprehensive risk disclosure and increased rates. Most major marine insurers have restricted access to coverage for transits in and out of the region but select London market underwriters are offering bespoke policies.
Political and credit risks
The surge in cargo war risk is affecting trade flows and exposing businesses to unexpected credit and political risks, including payment disruptions and asset exposures. We’re bringing clients and markets together to mitigate these risks effectively, ensuring appropriate protection and clarity for all parties.
A rapidly changing situation
The Persian Gulf insurance market is evolving daily, with new restrictions, tariff adjustments, and increased risk ratings coming out of CESAM and the Global Cargo Watchlist.
In this environment, timely information and clear communication are critical. Our teams are working closely with our insurer partners to provide up-to-date insight, support underwriting decisions, and structure solutions that reflect current conditions.
Let’s stay connected
For further insight or to discuss current market dynamics, reach out to our team leaders here:
Cargo: Jamie Kearney, Nicolas Juge
Credit & Political Risk: Arnaud Froideval, William Arminjon
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