Bermudian-associated Skuld, one of the world’s leading protection and indemnity insurers, is warning shipowners and underwriters as tensions around the Strait of Hormuz escalate between Israel and Iran, a recent advisory stated.

The US entered the conflict on Saturday by dropping three bombs on nuclear sites in Iran.

“The number of cargo-carrying vessels transiting the Strait dropped from 147 on June 9 to just 111 by June 15, an indication that shipowners are adopting a more cautious approach amid rising geopolitical risks,“ the advisory read. Threats include drones, missile strikes and mines.

Marine insurers are already responding. Hull and machinery premiums for Gulf transit, according to figures from Marsh McLennan cited by The Financial Times, have surged over 60 per cent, jumping from 0.125  per cent to around 0.2 per cent of a vessel’s value. This is listing coverage costs for a $100  million ship from $125,000 to $200,000 per trip.

As Marcus Baker of Marsh McLennan put it in the article: “It’s about the uncertainty premium – the price of not knowing when or how, the next escalation may unfold.”

That escalation risk isn’t confined to the Gulf. As shipping registries brace for fallout, they must support their fleets through UK Maritime Trade Operations and Joint Maritime Information Centre alerts, and perhaps even rerouting guidance, Skuld said.

Insurers, reinsurers, brokers and P&I correspondents may feel the impact directly as war‑risk premiums, policy riders and coverage clauses adapt in real time, triggering higher coverage costs and declarations, AM Best reported in 2019.

By airing this advisory, Skuld signalled to local marine stakeholders to tune their risk models to Gulf volatility, strengthen voyage‑prep protocols and update coverage terms.

Skuld Mutual Protection and Indemnity Association (Bermuda) Ltd occupies offices in Crown House in Hamilton.