Article ID: 0ddf03591989e09dd4215db66cd66b6aa6c186b63f7dff09b2c9ade92350c9b6
Source ID: secondary:businessinsurance.com
Published At: -
Extraction Method: bs4_heuristic
URL: https://www.businessinsurance.com/us-to-reinsure-maritime-losses-in-gulf-up-to-20-billion/
Body Text
US to reinsure maritime losses in Gulf up to $20 billion - 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 US to reinsure maritime losses in Gulf up to $20 billion REUTERS. Tankers are seen off the coast of Fujairah, United Arab Emirates. Marine , Risk Management Middle East/Africa Mar 9, 2026 (Reuters) — The U.S. will provide reinsurance for losses up to $20 billion in the Gulf region, to help provide confidence for oil and gas shippers during the war on Iran, the U.S. International Development Finance Corporation said on Friday. President Donald Trump on Tuesday ordered the DFC to provide political risk insurance and financial guarantees for maritime trade in the Gulf after oil and liquefied natural gas tanker transit had ground to a halt in the Strait of Hormuz waterway off Iran, where ordinarily 20% of global oil moves daily. Mr. Trump also said the U.S. Navy could escort ships in the Gulf. But the ability to do that is unclear, with some Navy vessels carrying out strikes against Iran and shooting down its missiles. Escorting ships also could be risky for naval escorts. Treasury Secretary Scott Bessent told Fox Business Network that the insurance plan, combined with potential Navy escorts, should quickly fix shipping in the region. “I don’t know whether it’s a week or two weeks, but we are on track to get this solved,” Mr. Bessent said. A shipping expert said the plan may not be enough to assure the energy shipping industry if tensions flare. “If the war keeps escalating, the maritime and energy domains will continue to serve as arenas for Iran to retaliate,” said Noam Raydan, senior fellow at the Washington Institute for Near East Policy. Mr. Raydan said any calming effect of the coverage could be affected if Iran-backed Houthis resume attacks on shipping in the Red Sea. “If that happens, there will be two choke points critical to global trade under military threat. How will shipping be protected in that case?” Oil shipments have been largely blocked through the Strait of Hormuz with a number of tankers damaged by strikes and others stranded. War-risk premiums have jumped and some providers have scaled back or withdrawn coverage. The U.S. insurance backstop will occur on a rolling basis and will initially focus on hull and machinery and cargo coverage, DFC said. The agency will work with preferred American insurance partners, it said without providing details. The U.S. Treasury Department and DFC, which partners with private investors to support projects in developing countries, are coordinating with the U.S. Central Command on the next steps of the plan. Related News U.S. political risk cover unlikely to revive Hormuz traffic March 9, 2026 Aviva plc’s profit jumps 25% March 9, 2026 Aviation insurers impose new rules on Middle East flights March 9, 2026 Oman Re’s net profit jumps 54% March 9, 2026 War risk buyback rates triple after Iranian warship sank off Sri Lanka March 9, 2026 Spain competition watchdog investigates insurers March 9, 2026 Liu Yuanzhag named chairman of China United Insurance March 9, 2026 Sava Insurance posts record $132M profit March 9, 2026 CG Re launches aviation practice March 9, 2026 Facebook-f X-twitter Linkedin-in Business Insurance is a singular, authoritative news and information source for executives focused upon risk management, risk transfer and risk financing. Never miss important news: Become a Business Insurance Online subscriber today Subscribe Now Information About Us Contact Advertise Privacy Policy Terms & Conditions Copyright 2026. BUSINESS INSURANCE HOLDINGS Member, Beacon International Group, Ltd.
Metadata (JSON)
{
"score": 14.1925
}