Emirates is paying far less for war risk insurance than rival airlines, with a premium of about $100,000 a week that insurers describe as "outrageously" low. Multiple insurers with direct knowledge of the policy say the Dubai-based carrier's rate looks suspiciously cheap given the heightened Middle East conflict risks. One executive said the premium was so low that at least one insurance group declined to participate in the deal.

Other airlines flying to the region face premiums of $70,000 to $150,000 per flight, while private jets can pay up to $50,000 for a single aircraft. Dubai's main airport has repeatedly paused operations due to missile or drone threats, with flights often stuck in holding patterns during missile activity. International carriers have complained about what one European executive called "blackmail" insurance quotes.

Emirates' market power and scale allow it to negotiate lower prices, with WTW brokering a policy covering the first $2 billion of losses on its fleet worth tens of billions. Gulf carriers typically receive more favorable rates than international rivals, partly due to their experience operating hundreds of daily flights through the region's airspace. While Emirates has resumed over half its pre-conflict services, most global airlines have avoided Dubai, with British Airways, Lufthansa, and Cathay Pacific cancelling all flights until at least summer.