Thought leadership article
As the war in Iran continues to impact markets worldwide, ICMIF Supporting Member Peak Re analyses the conflict’s implications for re/insurance markets.
Spillovers from the Iran War for global and Asian economies
- The Iran war has triggered an energy and shipping shock via the Strait of Hormuz, driving up oil, gas and freight costs, with macroeconomic implications for the global economy, especially if the conflict and trade disruptions are prolonged.
- Asian economies are the largest importers of Middle East oil and gas, but their economic vulnerability is differentiated by their import dependence, strategic oil reserves and government policies on domestic price pass-through.
- For re/insurance markets, the conflict has several layers to assess – direct war exposure (usually limited), supply chain disruptions, and the broader macroeconomic fallout – with implications for multi-line accumulation and claims inflation.
This article was authored by Kritika Kashyap, Vice President, Economist at Peak Re. To download the full report, Spillovers from the Iran War for Global and Asian economies, click here. This article is reproduced with the kind permission of ICMIF Supporting Member Peak Re.
Published March 2026
An energy and shipping shock, not limited to the Middle East
The ongoing conflict in Iran, which has been escalating since 28 February, has taken a tragic…
Member only content
This content is only available to ICMIF members. Please complete the form and we will get back to you as soon as possible.
Access the full member-only content
This is an abridged version. To access the full article/recording, please complete the form above to request the link to the full version being sent directly to you, or visit the member-only link for the ICMIF Knowledge Hub (for more details of how ICMIF members can access this please click here or contact ICMIF).
Related content
