Article ID: 1287b6b3c4b58a12a54bff74f720fb9e2278dc6e0ec1082663abc29c5d262874
Source ID: secondary:businessinsurance.com
Published At: -
Extraction Method: bs4_heuristic
URL: https://www.businessinsurance.com/political-violence-iran-war-losses-mount/
Body Text
Political violence, Iran war losses mount - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Political violence, Iran war losses mount by Gavin Souter Marine , P/C Insurers , Property , Reinsurance , Terrorism Middle East/Africa Hannover Re , Marsh Sep 10, 2026 MONTE CARLO, Monaco — The Iran war is causing significant losses for political violence and marine insurers and driving sharp rate increases in some of the most exposed specialty classes, while potential claims from trapped vessels could take months to develop. Middle East losses in the war, terrorism, and political violence market are expected to exceed $2 billion, compared with about $2.5 billion in annual premium for the class, according to Marsh Re’s Global Specialties 2026 Market Update, released last week. That could mark the market’s first underwriting loss since the Sept. 11, 2001, terrorist attacks. Pricing has tightened where losses are concentrated, and demand for coverage has increased as companies in the region seek war-on-land protection they had not previously bought, Marsh Re said. Insurance and reinsurance executives discussed the effect of the conflict on losses and pricing during the Rendez-Vous de Septembre reinsurance meeting this week. Political violence losses from the conflict could ultimately reach about $4 billion and have significantly affected some insurers, said Neil Eckert, CEO of Conduit Re. “There are substantial rate increases as it relates to Middle East PVT, which is not surprising because it’s an ongoing event,” Mr. Eckert said. Hannover Re has established a €200 million reserve for losses stemming from the conflict, primarily for political violence claims arising from missile strikes on energy facilities and for marine war claims involving physical damage to vessels, said Sven Althoff, a member of Hannover Re’s executive board responsible for property/casualty business. Potential claims involving ships trapped in the Persian Gulf remain uncertain because most marine war policies now impose a 12-month waiting period before blocking and trapping coverage responds, Mr. Althoff said. The waiting periods became more common following Russia’s invasion of Ukraine, and Hannover Re has not yet established a specific reserve for those potential claims, he said. The Iran losses come as the marine market is already absorbing the collapse of Baltimore’s Francis Scott Key Bridge, where insured losses are now estimated at more than $2.8 billion, making it the largest single marine insurance loss on record. Marine cargo pricing has risen sharply in affected areas, while some aviation war business is also hardening, said Shaun Barrington, CEO of United Insurance Brokers. The effect has been much more limited on general property business in the region, reflecting the large amount of capital still available to insurers and reinsurers, he said. David Govrin, group president and CEO of global reinsurance at SiriusPoint, said specialty insurers active in marine and other Middle East risks have reported reserves from the conflict, but ultimate losses remain difficult to assess while fighting continues. “There certainly is an ongoing conflict that has an elevated level of risk; geopolitical risk globally is one of the three big issues in the market. Climate, geopolitical and AI are driving a lot of uncertainty,” Mr. Govrin said. Related News Comp medical payments rise in most states: WCRI September 10, 2026 Kentucky court orders release of comp fee schedule September 10, 2026 Adjuster drops in for a kitchen inspection September 10, 2026 Hydropower losses drive $130M in Nepal flood claims September 10, 2026 Ace Gallagher acquires Kuwaiti broker September 10, 2026 Iran pressures shipowners into insurance sanctions exposure September 10, 2026 Loss estimate for storms reaches $668M: CatIQ September 10, 2026 El Niño threatens tighter Panama Canal restrictions September 10, 2026 Insurance brokerage leaders sued over alleged duty breaches September 10, 2026 Facebook-f X-twitter Linkedin-in Business Insurance is a singular, authoritative news and information source for executives focused upon risk management, risk transfer and risk financing. Never miss important news: Become a Business Insurance Online subscriber today Subscribe Now Information About Us Contact Advertise Privacy Policy Terms & Conditions Copyright 2026. BUSINESS INSURANCE HOLDINGS Member, Beacon International Group, Ltd.
Metadata (JSON)
{
"score": 15.95
}