Iran war left $125 billion in ships and cargo trapped in Gulf

The insurance industry is bracing for major payouts from ship damage linked to the Iran war, with Allianz reporting early claims that may include total vessel losses. In its annual safety and shipping review, the German insurer estimated that ships and cargo worth a combined $125 billion were stuck in the Persian Gulf as of June 15. The affected vessels include container ships, bulk carriers and oil tankers struck by drones and missiles. Allianz said war-risk premiums jumped sharply during the conflict, with some voyages through the Strait of Hormuz costing more than $1 million in cover. Those higher rates can quickly be offset when attacks mount and claims pile up.