The International Group of P&I (protection and indemnity) Clubs, a mutual association insuring roughly 90% of world merchant tonnage, kept its Hormuz war-risk exclusion in force through the whole recovery, even as London hull war-risk premiums fell to about 2% of a vessel's value1. That figure is still around twenty times the pre-conflict baseline, so cover had cheapened without the strait ever being treated as safe.
Marine war cover in The Gulf runs through mutual pooling. The Group's clubs share losses above a retention, so no single club can quietly price one Gulf cargo back into Hormuz without the whole pool re-underwriting the strait. Owners had been carrying that risk themselves as traffic recovered; now the clubs have a burning carrier off Limah to point to, and the decision to reopen or hold the exclusion falls on all of them at once rather than one underwriter at a time.
