Trump says it's not a 'war.' Insurers with money on the line say it is

Key points

• In this article MRSH Follow your favorite stocks CREATE FREE ACCOUNT The Thailand-flagged cargo ship Mayuree Naree engulfed in black smoke in the Strait of Hormuz, March 11, 2026. Reuters For companies operating in the Middle East, the difference between a covered loss and an uninsured one may come down to a single word: war.
• Many businesses in the region bought insurance that protects against terrorism or sabotage.
• Far fewer purchased coverage explicitly designed to cover "war." The difference between terrorism and war can be the difference between a paid claim and a denied one.
• As missile strikes, drone attacks and maritime disruptions linked to Iran ripple across the region, insurers and policyholders are scrutinizing how those distinctions hold up in practice.
• Most large companies rely on standard property insurance as a base layer of protection.