NEWS
JUST IN: The US just doubled its war-risk insurance for ships moving through the Strait of Hormuz to a massive $40 billion….see more
The move announced Friday is the latest US effort to ease worries over the vital waterway and to encourage traffic to resume, despite an effective Iranian blockade and continued hostilities in the five-week war.
Friday’s announcement marks the first significant details the DFC has revealed publicly about its reinsurance program since the project’s original Formation almost a month ago.
The effective closure of the strait, which typically carries about a fifth of global oil and liquefied natural gas flows, has roiled markets and triggered a broad energy crisis.
“Along with Chubb, these leading American insurers bring deep underwriting experience in marine and marine war coverage, strengthening our efforts to help restore confidence in maritime trade,” DFC Chief Executive Officer Ben Black said in a statement.
Trump on Friday reiterated his frustration over the strait’s closure and the failure of allies to help the US reopen the waterway.
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