Shipping assets worth the equivalent of £92bn remain stranded in the Persian Gulf following disruption to traffic through the Strait of Hormuz, according to Allianz Commercial.

The insurer estimates that around 1,150 cargo vessels are awaiting the resumption of normal operations. The affected fleet represents 29m gross tonnes and includes up to 20,000 seafarers.

The Middle East conflict and subsequent closure of the strategic waterway highlight a "new maritime order" defined by heightened security risks, disrupted trade routes and greater uncertainty for supply chains.

According to Allianz Commercial’s latest Safety and Shipping Review, incidents like the closure of the Strait of Hormuz are the latest in a series of recent disruptions to have impacted shipping.

Machinery damage and failure remain the leading cause of shipping incidents, according to the review, accounting for more than half of all cases, while fires on large vessels including container ships and car carriers continue to present a significant risk.

The increasing size of vessels is also driving larger and more complex general average claims, with emergency cargo contributions in some cases exceeding £74m.

At the same time, the review also highlights continued improvements in shipping safety. Total vessel losses have fallen by 37% since 2021 compared with the previous five-year period, while global shipping incidents declined by around 16% in 2025 to 2,818.

Thomas Lillelund, chief executive of Allianz Commercial, said: “Our analysis shows the shipping industry has made significant improvements in maritime safety in recent years. However, it has also undergone a fundamental transformation, from decades of relative stability, defined by steady trade flows and largely predictable operating conditions to becoming increasingly complex and volatile."

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