40 5.2 BUILD PARTNERSHIPS THAT SHARE RISK AND INTELLIGENCE Participants consistently emphasized that resilience cannot be built in isolation. As risks become more interconnected, stronger partnerships between governments, industry and technology providers will be essential. Trusted relationships can accelerate intelligence sharing, strengthen preparedness, mobilize investment and distribute risk more effectively. For instance, participants stressed that joint training exercises between companies and governments can test information-sharing, decision making and recovery procedures. This allows companies to refine their processes before a real disruption occurs. Majlis attendees argued that trust is not simply an enabler of resilience, but one of its most important foundations. 50x War-risk insurance costs increased from ~0.25% to 5-10% of vessel value in Hormuz S U R G E I N I N S U R A N C E P R E M I U M S $20m Insurance costs reached up to $25m per LNG voyage for a $250m vessel P E R - T R A N S I T L N G I N S U R A N C E C O S T Some systemic risks can become too large, concentrated or uncertain for individual companies or private markets to absorb alone. Insurance provides a clear example of why resilience increasingly depends on cooperation across governments, industry and financial institutions. Insurance enables risks to be priced and transferred and is therefore fundamental to investment. In the recent conflict, threat actors have sought to discourage insurers from covering certain assets or routes by warning that insured assets could be targeted. This can make coverage unavailable or prohibitively expensive at the very moment it is most needed. The insurance market’s response to the Hormuz crisis serves as a clear example of that. TABLE 5:INSURANCE MARKET SIGNAL TO HORMUZ CRISIS UNATTRIBUTED QUOTE “TRUST IS THE KEYWORD HERE.”