(March 6): London-based reinsurers of ships are cancelling their coverage of war risk and demanding 200% more to reinstate policies, according to people familiar with the matter, after a US submarine sank an Iranian warship off Sri Lanka, amplifying risk perceptions. Bloomberg News has seen a cancellation notice dated as recently as March 4 — the day a US submarine sank the Iranian warship. As an immediate impact on the marine war-risk cover, “notices of cancellation are being issued by international marine underwriters,” he said. War-risk cover for cargo, once about 0.03% of cargo value, has jumped to around 1% in affected zones, the people said. “As the period of conflict lengthens, it is bound to impact pricing across all risks and liability covers,” Joshi said.

Source: The Edge Markets March 06, 2026 12:35 UTC