Lloyd’s of London is facing estimated losses of £1.4 billion amid the US-Iran conflict, as marine insurers across the London market collectively grapple with claims totaling between $1.5 billion and $2 billion, with projections reaching as high as $3 billion. At least 14 to 17 seafarers have been killed in the conflict, and 1,000 to 1,150 vessels remain stranded or navigating high-risk zones. War risk premiums have surged 12- to 40-fold, rising from 0.25% to between 3% and 10% of vessel hull value. In response to the mounting crisis, Lloyd’s and Chubb launched new war risk consortia offering combined capacity of up to $400 million to prevent insurers from abandoning the region.
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