War risk cover for a Hormuz transit now runs 2% to 6% of a ship's value

Alex Longley and Leonard Kehnscherper at Bloomberg first reported that London marine insurers are fielding fewer requests to quote Strait of Hormuz transits. Marcus Baker, global head of marine at Marsh, said war risk rates now run between 2% and 6% of a vessel's value, against a fraction of a percent before the conflict. At the top of that range, insuring a $100 million tanker costs $6 million for the passage. Rates reached 10% at the height of the fighting and had drifted below 2% before three vessels were attacked last week. Simon Lockwood at Willis Towers Watson said owners are reluctant to commit to transits. Visible traffic through the strait had almost stopped by Thursday. No public document sets these rates. They are quoted privately, ship by ship.