DID Press: Lloyd’s of London has estimated that insurance losses linked to the US-Iran conflict in the Gulf region could reach around £1.4 billion, with much of the damage stemming from attacks on land-based infrastructure rather than maritime losses.
According to the estimate, a significant share of the losses is associated with damage to energy and other critical infrastructure in Gulf countries. The claims are largely expected to fall under political violence and terrorism-related insurance coverage.
The estimate comes as the conflict continues to disrupt shipping and energy markets across the region. Shipping through the Strait of Hormuz has also fallen sharply, with the 10-day average of commodity-vessel traffic dropping to about 10 vessels a day, its lowest level since May, according to Kpler data cited by Reuters.
Lloyd’s estimate provides one of the clearest early assessments of the insurance cost of the conflict, although the final losses could change as claims are assessed and the military confrontation continues.