Amid the escalating tension in Middle East that has severely affected the Strait of Hormuz, the United States has doubled its maritime reinsurance coverage to $40bln and added new insurance partners. The US insurance program, which is designed to boost shipping through the Strait of Hormuz, will begin soon.
The U.S. International Development Finance Corporation (DFC) had announced a $20bln reinsurance program last month.
On top of DFC’s $20bln in rolling coverage, NYSE-listed property & casualty insurer and political risk and maritime insurance provider, Chubb, and these new partners will provide an additional $20bln, bringing the total maritime reinsurance facility to $40bln.
The reinsurance facility will insure losses up to approximately $40bln on a rolling basis: $20bln from DFC and