The escalation of the conflict in the Middle East and the blockade of the Strait of Hormuz have caused significant damage to vessels, cargoes, and port infrastructure across the region, according to a new report by Allianz.

As of June 15, 2026, approximately 1,150 cargo vessels with a gross tonnage exceeding 100 GT were operating in the Persian Gulf. Their combined gross tonnage totaled around 29 million GT, while the estimated value of the ships and the cargoes they carried reached approximately $125 billion.

Allianz noted that marine insurers have faced substantial claims related to damage sustained by container ships, oil tankers, and bulk carriers targeted by missile and drone attacks in the region. Significant losses were also reported among transported cargoes.

Despite the ongoing conflict, marine insurers continued to provide coverage for the shipping industry, although premiums for hull and cargo insurance increased considerably. According to Allianz, the primary concern for shipowners has not been insurance availability but rather the safety of crews and vessels operating in an active conflict zone.

The company emphasized that even after full navigation through the Strait of Hormuz is restored, robust international security guarantees will be required. This will be particularly important if shipping volumes return to pre-crisis levels, when as many as 140 vessels transited the strait each day.