The announcement on 7 April of a two-week ceasefire between the US and Iran marks a critical moment of de-escalation of the intense geopolitical tension in recent weeks that brought the region to the brink of a wider conflict, according to Mr Hani Kurdi, Vice President - Marine at APEX.
The escalating tensions in the Strait of Hormuz due to Israeli and US attacks on Iran indicate that the insurance sector has become one of the main actors in classifying the nature of conflict from an operational perspective.
Middle East Insurance Review (MEIR), in solidarity with the insurance market, has started a special series named "Middle East Conflict: The MEIR Dialogue" to discuss the insurance impact of the armed confrontation across MENA as well as globally. The series continues with an interview with Zurich Insurance Senior Executive Officer for Commercial Insurance Middle East Peter Englund.
The Jordan Insurance Federation (JIF) has released a working paper titled "Implications of the War on Iran for the Jordan Insurance Sector", outlining the risks and challenges associated with the war in the Gulf, and proposed responses to them.
South Africa's only special risk insurer, Sasria, has restored a critical layer of insurance capacity for large corporates facing escalating risks linked to civil commotion, riots, strikes, public disorder and terrorism.
The Turkish insurance sector had a weak start to 2026 and the US-Israel-Iran military conflict has aggravated the situation, forcing the insurance industry to recalibrate its expectations for the year.
The ongoing conflict in the Middle East has resulted in a more complex and evolving risk environment for airlines across Asia, affecting operations, costs and insurance dynamics. Aon's Head of Marine and Regional Aviation Lead for Asia, Stephen Rudman, said this as the US and Iran reached a two-week truce, giving a temporary reprieve from the war that has rattled the global economy.
The forecast for region-wide GDP growth in MENA in 2026 has been revised from 3.9% to 3.1%, in line with the base-case assumption that the US-Iran conflict will be time-bound for up to four weeks, said BMI, a UK multinational research firm and a subsidiary of Fitch Solutions.
As tension escalates amidst the ongoing war in the Gulf, the General Arab Insurance Federation (GAIF) urges stakeholders to consider alternative solutions to strengthen the sector's capacity to deal with war risks.
Persian Gulf states have experienced material damage from retaliatory Iranian missile and drone attacks, following the commencement of hostilities between the US, Israel, and Iran on 28 February, according to a report released by Guy Carpenter, a Marsh business and leading global risk and reinsurance specialist.