Lloyd's and Chubb Launch $400m War-Risk Insurance for Strait of Hormuz
Lloyd's of London and Chubb launched a $400 million war-risk insurance consortium to cover vessels and cargo transiting the Strait of Hormuz, following a US-Iran peace deal that ended the war and reopened the waterway. The facility splits capacity between hull/P&I risks ($200m) and cargo ($200m). Despite the political breakthrough, shipping firms remain cautious, demanding robust evidence of safe passage before resuming transit.
Cross-source coverage
Wire timeline
Lloyd's launches Hormuz marine war risk consortium with Chubb
Lloyd's of London has launched a new marine war risk insurance consortium led by Swiss insurer Chubb to provide additional capacity for the Strait of Hormuz. The facility, available from late June 2026, offers up to $200 million in coverage for hull and protection and indemnity (P&I) risks, and a separate $200 million for cargo. Access is conditional on underwriting criteria, sanctions screening, and regulatory requirements. Chubb CEO Evan Greenberg emphasized the importance of the industry in supporting global commerce as vessels resume transit through the strategic waterway. The consortium includes Lloyd's syndicates and specialist market partners. Marine war risk insurance covers losses from war, terrorism, piracy, and related perils. The launch responds to ongoing elevated risk conditions in one of the world's most critical maritime corridors.
Yahoo FinanceLloyd's launches Hormuz marine war risk consortium with Chubb
Lloyd's has launched a new marine war risk consortium, led by Swiss insurer Chubb, to provide up to $400 million in combined capacity for vessels and cargo transiting the Strait of Hormuz. The facility, available from late June 2026, offers up to $200 million for hull and protection and indemnity (P&I) risks, and a separate $200 million for cargo. Chubb is leading underwriting, supported by Lloyd's syndicates and specialist market partners. Coverage protects against war, terrorism, piracy, and related perils, subject to sanctions screening and regulatory compliance. The initiative responds to ongoing elevated risk conditions in the strategically vital maritime corridor, with distribution via brokers on a per-risk basis. Both Lloyd's CEO Patrick Tiernan and Chubb CEO Evan Greenberg emphasized the consortium's role in supporting global commerce and mobilizing capacity responsibly.
Yahoo FinanceLloyd's Launches $400 Million War-Risk Insurance Facility for Strait of Hormuz
Lloyd's of London has launched a new $400 million marine war risk insurance consortium to cover vessels and cargo transiting the Strait of Hormuz. The facility, led by insurer Chubb with support from Lloyd's syndicates and specialist partners, provides up to $200 million each for hull and protection & indemnity (P&I) risks, plus $200 million for cargo. The launch follows a US-Iran peace deal that aims to end the war and keep the Strait open, which had caused oil prices to spike to $126 per barrel in March. However, shipping firms remain cautious, with the UK Chamber of Shipping stating they need robust evidence of safe passage before resuming transit. Lloyd's CEO Patrick Tiernan emphasized the market's role in supporting marine supply chain resilience, while Chubb CEO Evan Greenberg highlighted the industry's importance to global commerce.
OilPrice.com Daily News UpdateLloyd's Launches $400 Million War-Risk Insurance Facility for Strait of Hormuz Shipping
Lloyd's of London has launched a $400 million marine war risk insurance consortium to provide coverage for vessels and cargo transiting the Strait of Hormuz, following a US-Iran peace agreement that aims to end the war and keep the strait open. Chubb will serve as lead underwriter, with participating Lloyd's syndicates and specialist market partners providing up to $200 million each for hull/P&I risks and cargo separately. The facility addresses the severe economic disruption caused by the strait's closure during the war, which drove Brent crude to $126 per barrel in March. Lloyd's CEO Patrick Tiernan described the initiative as supporting marine supply chain resilience, while Chubb CEO Evan Greenberg highlighted the role of insurance in global commerce. UK Chamber of Shipping director Peter Aylott cautioned that shipping firms would need strong evidence of safe passage before resuming transit.
OilPrice.com Daily News UpdateLloyd's Launches $400 Million War-Risk Insurance Facility for Strait of Hormuz Shipping
Lloyd's of London has announced a new $400 million marine war-risk insurance consortium to cover vessels and cargo transiting the Strait of Hormuz. Chubb will serve as lead underwriter, supported by Lloyd's syndicates and specialist partners. The facility provides $200 million for hull and protection and indemnity risks, and an additional $200 million for cargo. The launch follows an initial peace deal between the US and Iran aimed at ending the war that had closed the strait, causing Brent crude to reach $126 per barrel in March. Lloyd's CEO Patrick Tiernan said the consortium demonstrates the market's role in supporting marine supply chain resilience. Chubb CEO Evan Greenberg emphasized the firm's commitment to providing coverage as vessels resume transit. However, UK Chamber of Shipping Director Peter Aylott noted shippers would need strong evidence of safe passage before confidence returns. Lloyd's writes 70-80% of global war insurance business.
OilPrice.com Daily News UpdateLloyd's and Chubb Launch $400m War-Risk Facility to Restart Strait of Hormuz Shipping
Lloyd's of London has launched a new marine war risk consortium with a $400m facility to provide insurance for vessels and cargo transiting the Strait of Hormuz, following a peace deal between the US and Iran that ended the war and reopened the strait. Chubb will serve as lead underwriter, with capacity split equally between hull and protection and indemnity (P&I) risks ($200m) and dedicated cargo coverage ($200m). The facility aims to break the logjam in shipping through the strategic waterway, which had been closed due to the Iran war, causing oil prices to spike to $126 per barrel. Lloyd's CEO Patrick Tiernan highlighted the market's role in supporting marine supply chain resilience, while Chubb CEO Evan Greenberg emphasized the importance of providing coverage as vessels resume transit. However, the UK Chamber of Shipping cautioned that shipping firms need robust evidence of safe passage before committing to sail.
City AMLloyd's and Chubb launch $400m war-risk consortium for Strait of Hormuz shipping
Lloyd's of London has launched a new marine war risk consortium with insurer Chubb as lead underwriter, providing up to $400 million in additional insurance capacity for vessels and cargo transiting the Strait of Hormuz. The facility allocates $200 million for hull and protection & indemnity (P&I) risks and another $200 million for dedicated cargo coverage. The move follows the signing of an initial peace deal between the US and Iran aimed at ending the war, which had closed the strait and sent oil prices to $126 per barrel. Lloyd's CEO Patrick Tiernan called it a clear example of the market supporting marine supply chains. However, the UK Chamber of Shipping's Peter Aylott stressed that shipping firms would need strong evidence of safe passage before tankers would return, indicating lingering industry caution despite the political breakthrough.
City AM