Insurers announced they were cancelling war risk coverage after the IRGC said the Strait of Hormuz was ‘closed’.

For the container industry, war-risk surcharges are no longer exceptional line items that appear and disappear with individual conflicts.

A majority of the world’s largest maritime insurance mutuals said they will withdraw war risk insurance coverage for ships entering the Persian Gulf starting on Thursday, Bloomberg News reported on Monday.

DFC CEO Ben Black: “We are confident that our marine reinsurance plan will get oil, gasoline, LNG, jet fuel, and fertilizer through the Strait of Hormuz and flowing again to the world.”

As the conflict in the Gulf widens, maritime insurance premiums for war coverage are surging -- in some cases by more than 1000 percent -- dramatically driving up the cost of moving energy through a ​critical maritime corridor.

President Trump said the government agency will provide political risk insurance to "all shipping lines" operating in the Persian Gulf.

The new war in the Persian Gulf has created major risk for crude oil importers and exporters both. But there are still winners and losers. Who are they?

Donald Trump has promised cheap insurance for ships travelling through the Strait of Hormuz in a challenge to Lloyd’s of London.

Some P&I clubs are expected to issue similar cancellation notices to those published by other members of the International Group on March 2.