Insurance — Iran Conflict Triggers Marine Insurance Crisis as Australia Faces $21B Climate Defense Demand

Insurance · 2026-03-02

The insurance industry faces simultaneous crises in marine and climate risk that are reshaping fundamental risk calculations. The escalating Iran conflict has effectively shuttered the Strait of Hormuz, leading to widespread cancellation of marine war risk coverage and stranding 150+ vessels - a situation not seen since the 1980s Tanker War. This acute crisis overlays against Australia's chronic…