‘Huge build-up of risk’: London’s centuries-old shipping industry wrestles with Iran war

Insurers at Lloyd’s of London say cover is available at a price, while merchants view the danger level as too high

Shipping risk has been insured by Lloyd’s of London for more than 330 years, but now the centuries-old heart of maritime insurance is getting to grips with the most modern of threats – drones and missiles threatening hundreds of vessels stuck in the Gulf region amid the escalating Middle East conflict.

For nearly three weeks the crucial strait of Hormuz has effectively been closed to the more than 100 gas and oil tankers and container ships that usually pass through each day.