Ship insurance in the Black Sea has risen in price to a record 20% of their value

Against the background of increasing attacks on merchant ships in the Black Sea, insurance premiums for war risks for some particularly dangerous voyages reached 20% of the value of the ship’s hull.

This is reported by  Splash247 with reference to data from the insurance market and Lloyd’s List.

According to insurers, current maximum rates exceed even the levels recorded during the Iran-Iraq tanker war in the 1980s. At that time, insurance premiums reached 7.5%, and in some cases exceeded 10% of the value of the vessel.

In particular, premiums at the level of 20% were offered to some vessels bound for the Caspian Pipeline Consortium terminal in Novorossiysk. At the same time, most insurance quotes remain significantly lower.

A sharp increase in the price of insurance is taking place against the background of the deterioration of the security situation in the Black Sea. In recent weeks, attacks on merchant ships have increased in the region, particularly near the coasts of Romania and Bulgaria.

The increase in insurance costs creates an additional financial burden on shipowners and can affect the cost of sea transportation.

USM previously reported that at the end of October 2026, insurance premiums for war risks in the Black Sea for individual vessels could reach 15% of the hull value. At that time, this indicator was almost twice the level in the Persian Gulf.