Article ID: 0a14e005bbe5aeec32914b903c07e3f51ab2b490e2e8b915e8857c43589faaee
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URL: https://www.businessinsurance.com/chubb-to-serve-as-lead-us-insurer-for-gulf-shipping-amid-iran-war/
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Chubb to serve as lead US insurer for Gulf shipping amid Iran war - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Chubb to serve as lead US insurer for Gulf shipping amid Iran war Marine , P/C Insurers , Political Risk Middle East/Africa Chubb Mar 11, 2026 (Reuters) — Chubb will be the lead partner on the U.S. International Development Finance Corporation’s $20 billion Maritime Reinsurance Plan aimed at resuming commercial shipping in the Gulf, the agency said on Wednesday. The U.S.-Israeli conflict has widened sharply in recent days and paralyzed shipping traffic through the Strait of Hormuz, a major global chokepoint in the Gulf. Iran said the world should be prepared for oil to hit $200 a barrel as its forces attacked merchant ships on Wednesday in the blockaded Gulf. Meanwhile, U.S. President Donald Trump has repeatedly tried to reassure markets this week that the campaign will end soon. So far there has been no let-up on the ground and no sign ships can safely pass through the Strait of Hormuz, where about a fifth of the world’s oil passes, raising the risk of the worst disruption to energy supplies since the oil shocks of the 1970s. Maritime insurance covers ships and cargo against risks such as accidents, piracy or conflict, with shipowners paying premiums that rise as insurers assess the likelihood of losses. War risk coverage is typically excluded from standard policies and must be purchased separately, often at sharply higher premiums for vessels sailing through conflict zones. Without such coverage, ships and cargo worth hundreds of millions of dollars would be exposed to losses from attacks or seizures, leaving owners and financiers vulnerable and deterring vessels from sailing through such waters. The DFC said its reinsurance facility will insure losses up to roughly $20 billion on a rolling basis and insurance will initially focus on hull and cargo. “Together, DFC and Chubb have identified several American insurance companies to provide reinsurance policies behind Chubb and alongside DFC to expand market capacity,” the agency added. 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