All articles tagged with #shipping insurance
Amid ongoing talks to end Iran's war, Tehran pushes a 60‑day truce-based toll through the Strait Authority requiring vessel registration and Iranian insurance. Western insurers call it unworkable and sanction-risky, prompting shippers to bypass Iranian waters via the US-protected Oman route; Lloyd's launches a large insurance facility to cover remaining traffic, but mine clearance remains urgent to restore pre-war volumes.
Chubb will be the lead underwriter for a U.S. government–backed program led by the U.S. International Development Finance Corporation to insure ships transiting the Strait of Hormuz amid the Iran war. The plan would cover hull, machinery and cargo, with up to $20 billion in damages on a rolling basis through DFC reinsurance, and could involve additional insurers; environmental damage coverage is included. The goal is to restart shipping and stabilize oil flows despite ongoing risks.
The escalating Israel-Iran conflict has led to a sharp increase in shipping insurance costs in the Middle East, with rates for ships in the Gulf and Red Sea rising significantly, and some shipowners avoiding the Strait of Hormuz due to security concerns, impacting global energy and shipping markets.