War risk cover returned to the headlines over the summer following a series of attacks on shipping around the Strait of Hormuz.

Estimates put total claims as the result of terrorist attacks on four ships, and the capture of the 50,000-dwt Stena Impero (built 2018), at around $100m. The claims fell mainly on Norway’s DNK, the Swedish Club and Japanese war risk underwriters.

Spiralling rates

The attacks resulted in war risk premiums at one time spiralling up to $500,000 per week for a ship valued at $100m and operating in the region.