Media Release 11 March 2026

IUA COMMENT: OPERATION OF INSURANCE COVER IN RESPONSE TO THE IRAN CONFLICT

 

Chris Jones, Chief Executive of the International Underwriting Association, said:

“Prior to the commencement of the current hostilities Iran and the wider Middle East was already an area of relative enhanced risk and insurance coverage in place will reflect this. IUA members are, however, continuing to provide cover for clients affected by the current hostilities in Iran across a number of lines of business.

“Most prominent is shipping in the Straits of Hormuz where trade has been halted, not by a lack of available insurance, but by obvious safety concerns. The market for marine war risks is operating in the manner we would expect, given the increase in threats to shipping and insurers are focussed on ensuring client can continue to access the cover they require.

“With the situation rapidly evolving, it is important that in-depth, real time security advice is available. The London Market’s joint marine committees are working with expert consultants to provide underwriters with the latest information. We welcome any initiative to improve the security situation.

“Elsewhere the London company market is also providing aviation cover to support flights transporting people away from the affected areas – both via existing flight routes and new repatriation operations. With airspace opening and closing, based on the assessment of aviation authorities, insurers are working with brokers, clients and third-party experts to closely monitor changes in risk.”

 

Further comment published on 16 March 2026:

Chris Jones, Chief Executive of the International Underwriting Association, said: “Whilst we support any initiatives designed to improve security in the region, the timeline, scope and exact nature of any naval escorts in the Straits of Hormuz remains unclear at present. Such escorts have had some success in other conflict zones, but the current circumstances are uniquely challenging and it is difficult to estimate the resources required to make any operation effective. The principal obstacle to a resumption of trade in the area remains one of safety, rather than any lack of insurance coverage. The Master of individual vessels and shipping companies themselves are making operational decisions and must be satisfied that seafarers will not be placed in unnecessary danger before progressing.”

 

Ends

Contact:
Scott Farley
Director of Communications
International Underwriting Association
Tel: 0207 617 4449
Mobile: 07921 699 218
E-mail: [email protected]

Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies.