Robert Hull, head of international marine and energy at Gallagher Re, said the insurance market has never closed to Gulf risk and has continued to cover vessels inside the Persian Gulf and those transiting Hormuz, Intelligent Insurer reported. Losses from the Middle East conflict remain unquantified; Lloyd's has estimated a £1.4 billion impact across war and shipping-disruption lines.
Hull said marine reinsurers started 2026 with significant overcapacity and see no sign of it shrinking. Views of Gulf risk differ widely because war risk is hard to model, and some clients have cut exposure to a minimum. Gallagher Re moves exposure to carriers with more appetite but will not touch sanctioned business. The publication put the global marine war market at $1 billion to $2.9 billion in gross written premium.
The article also covers the Dali claim: the agreed loss rose from a $1.5 billion consensus to $2.8 billion in April 2026, with the increase falling on reinsurers and using close to 93% of the International Group's $3.1 billion GXL tower.
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Intelligent Insurer ↗This is an original summary of the linked report, selected by Axxion’s GCC market monitor. Facts are attributed to the publication.