United States provides reinsurance for Gulf maritime losses up to $20 billion

Economic Times
Change
United States' International Development Finance Corporation provided up to $20 billion in reinsurance for maritime losses in the Gulf, initially covering hull, machinery and cargo policies on a rolling basis.
United States provides reinsurance for Gulf maritime losses up to $20 billion
Why it matters
The United States' government-backed cover reduces the amount of uninsured political-risk exposure for vessels transiting the Strait of Hormuz. That shifts potential large-scale loss allocation away from private insurers and lowers an obstacle for oil and liquefied natural gas tankers to resume Gulf shipments.
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Source

Economic Times

Topics

International Affairs Security & Defense Regulatory Actions Oil & Gas Insurance

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