War Strands Ships in Strait of Hormuz, Insurance Faces These Risks
The Iran-United States war has triggered the closure of the Strait of Hormuz. This situation increases risks for general insurers providing protection against claims related to international trade and shipping.
Managing Director of Asuransi Asei, Dody Dalimunthe, stated that war insurance premiums could potentially rise up to threefold amid rising global geopolitical tensions. Nevertheless, most industry players prefer to be selective in choosing risks rather than immediately increasing premium prices.
With numerous companies rerouting due to the Strait of Hormuz closure, there have been delays in goods delivery. These delays subsequently impact the trade insurance sector, particularly regarding payment certainty in export-import transactions.
“Now, this delay affects trade insurance. Goods that should arrive in a month could be postponed. As a result, foreign parties who have deals with buyers there might wait too long and decide not to buy. So the goods pile up there, and they can’t pay the exporter,” Dody explained when met by reporters in Jakarta on Monday (13/4/2026).
Still from the state-owned player, President Director of Tugu Insurance, Adi Pramana, did not deny that his company is anticipating an increase in risks due to the impact of this war. Moreover, as a subsidiary of Pertamina, TUGU also insures Pertamina’s oil and gas (migas) tankers.
“This is indeed for this war, there will definitely be a slight increase in risk, so there will be a slight addition to claims, but we strive to really support it, so we’ve gone full effort to bring those ships back to Indonesia,” Adi said during a press conference in Jakarta on Friday (10/4/2026).
Although there have been no claims so far, the offshore insurance segment is one of the largest contributors to TUGU’s Gross Written Premium (GWP) for 2025. It is known that offshore insurance contributed 10.52% to the total GWP of Rp6.37 trillion.
Recently, two Pertamina (Persero) oil tankers remain stranded in the Strait of Hormuz. Last week, the government was conducting intensive communication with the Iranian side to allow those ships to exit promptly.
“Intensive communication is being conducted regarding those two ships. Insya Allah, let’s pray it can be quick. There’s a two-week gap from the escalation in the Middle East. Hopefully, it can be resolved quickly,” explained Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia during a press conference at the State Palace on Wednesday (8/4/2026).
Bahlil emphasised that the two Pertamina tankers are carrying crude oil, not imported finished products such as fuel oil (BBM). “It’s just the crude, around 20%-25% (oil imports from the Middle East),” Bahlil stressed.