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Oil vessel transit costs through Hormuz rise on war risk premiums: ENOC exec - 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 Oil vessel transit costs through Hormuz rise on war risk premiums: ENOC exec Reuters Marine Middle East/Africa Sep 9, 2026 (Reuters) – Oil vessel transit costs through the Strait of Hormuz have escalated significantly after the Iran war, led by a sharp climb in additional war risk premiums and cargo insurance costs, an executive from Emirates National Oil Company said on Wednesday. Cargo insurance is now a considerable percentage of the value of the cargo being shipped, according to ENOC director Paul Bradshaw. “I have seen anywhere up to five, six percent. So that could be another $10 million on your cargo insurance,” Mr. Bradshaw told the APPEC conference. Apart from this, there is also a much higher additional war risk premium for transits. “If you’re trying to get out, the rate for that used to be zero prior, and now the rate is anything up to 10 percent of the cargo,” Mr. Bradshaw said. Transit costs had escalated into the $10 million to $20 million range, and some market participants had decided not to take on insurance, he added. More national oil companies had also been taking back control of their own shipping operations to better manage costs and voyages. “What we have seen recently is some of the NOCs taking on their own shipping … so they have more control over the ability to exit in times of conflict like that,” Mr. Bradshaw said. There was a limited number of shipowners willing to take the risk due to safety reasons, he said. Disruptions around key chokepoints this year following the Iran war have pushed cargoes onto longer and more complex routes, altering freight economics and vessel availability. Related News China plans massive capital injection for insurers September 9, 2026 Latin American reinsurance market defies soft conditions September 9, 2026 P&I reinsurance rates set to rise: Gallagher September 9, 2026 PIB Group acquires Romanian specialty broker September 9, 2026 Low river water levels threaten supply-chains September 9, 2026 Expansion into casualty, specialty risks fuels sidecar growth: Aon September 9, 2026 Climate protection gaps ‘may drive reinsurance demand’ September 9, 2026 MSIG Hong Kong taps new CUO September 9, 2026 Nonlife segment drives insurance market in Belarus September 9, 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.
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