Hormuz Shipping Incidents Raise Logistics Insurance Risk

IMO Confirms 133 Merchant Ship Incidents and 25 Seafarer Deaths as Hormuz Safety Concerns Persist

LONDON, United Kingdom — November 12, 2026 — The International Maritime Organization has confirmed 133 incidents involving merchant vessels and 25 seafarer fatalities in and around the Strait of Hormuz, according to its records as of November 10. The figures highlight potential exposure for cargo insurers, freight operators and underwriters in the Logistics Insurance Market.

IMO Secretary-General Arsenio Dominguez issued a statement on Wednesday urging governments to enforce international maritime rules more strictly in the strait. He said unsafe shipping practices add to the risks seafarers face during the ongoing conflict.

He cited substandard vessels, ships concealing their IMO identification numbers and vessels operating under fraudulent registrations or false flags. He called on flag, port and coastal states to act against violations within their jurisdictions.

He also urged shipowners and operators to stop commercial activity in the strait that exposes seafarers to unacceptable risk. The statement followed the IMO Council meeting in London from November 2 to 6.

According to Next Move Strategy Consulting, the global logistics insurance industry is estimated at USD 45.0 billion in 2026 and is projected to reach USD 93.1 billion by 2035, at a CAGR of 8.4% from 2026 to 2035.

Key Highlights:

• The IMO has confirmed 133 incidents involving merchant vessels as of November 10, with more than 130 verified since the conflict began on February 28.

• At least 25 seafarers have been killed, according to IMO records, and others are missing or injured.

• The IMO called for action against vessels with concealed identities, fraudulent registrations or false flags.

• The IMO urged a political solution and the restoration of a safe, internationally recognized navigation framework.

Analyst Insight:

According to analysts at Next Move Strategy Consulting, cargo and freight insurance is the largest segment of the logistics insurance industry, with a share of about 44%. NMSC’s report also notes the risk of concentrated cargo losses on disrupted trade routes, which can cause correlated loss spikes for underwriters. NMSC analysts add that its report highlights war-risk cover for vessels operating through the Strait of Hormuz, including a facility announced by Chubb in March 2026.

Industry Outlook:

Continued incident reporting from the IMO is likely to keep maritime risk assessment prominent for cargo insurers and supply-chain risk underwriters. The IMO’s focus on vessel identity and registration practices may also bear on how underwriters evaluate vessels and routes. Further IMO statements and incident updates will indicate how conditions in the strait develop.

Source: gCaptain

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Prepared By: Sanyukta Deb