IUMI update Strait of Hormuz 24 June 2026

The International Union of Marine Insurance (IUMI) welcomes the signing of the Memorandum of Understanding (MoU) between Iran and the United States, as well as the establishment of the Joint Working Group between Iran and Oman. These developments represent important steps towards restoring maritime security and stability in the Middle East, particularly in the Strait of Hormuz.

IUMI will continue to monitor the situation closely and hopes to see the safe, orderly and timely movement of vessels in the region. As with all stakeholders across the maritime sector, the safety, security and welfare of seafarers remain the priority.

Since the onset of the conflict in February 2026, the marine insurance market has continued to provide cover for shipowners seeking to transit the Strait of Hormuz. Where legally permissible, the industry remains committed to supporting the movement of vessels currently affected by the disruption and to facilitating the resumption of normal trade flows throughout the region.

IUMI remains a strong advocate for free trade and the principle of freedom of navigation, as enshrined in the United Nations Convention on the Law of the Sea (UNCLOS).

IUMI operates a Legal & Liability Committee to address legal and liability issues affecting the marine insurance sector. It should be noted, however, that IUMI members primarily provide property-related marine insurance, including hull, machinery and cargo cover. Liability risks are generally insured through Protection and Indemnity (P&I) Clubs, many of which operate under the umbrella of the International Group of P&I Clubs.