U.S. doubles reinsurance coverage for ships passing through the Hormuz Strait to $4 billion

KuCoinFlash

Release Time: 04/03/2026 15:45:43

Summary

The U.S. has increased reinsurance coverage for ships transiting the Strait of Hormuz to $4 billion, with new partners including AIG and Berkshire Hathaway. Last month, the DFC launched a $2 billion reinsurance initiative, and now Travelers, Chubb, and CNA are supporting an additional $2 billion. DFC CEO Ben Blake said the move aims to enhance trade confidence by leveraging insurers’ expertise in marine and war risk. Vessel eligibility will require detailed information on origin, destination, cargo, and financing. Amid evolving geopolitical risks, traders are closely monitoring altcoins for signs of market reaction. The Fear & Greed Index reflects rising volatility in crypto markets as traditional assets face uncertainty.

BlockBeats news, on April 3, according to Bloomberg, the United States doubled its commitment to provide reinsurance guarantees for vessels passing through the Strait of Hormuz to $40 billion and introduced new insurance partners, including AIG and Berkshire Hathaway.

Last month, the U.S. International Development Finance Corporation (DFC) announced a $20 billion reinsurance program. Today, the agency stated that Travelers, Liberty Mutual, Berkshire Hathaway, AIG, Starr, and CNA will join Chubb in providing an additional $20 billion in reinsurance support for its maritime facilities.

DFC CEO Ben Black stated in a statement: “These leading U.S. insurers bring deep expertise in marine and war risk insurance underwriting, strengthening our efforts to restore confidence in maritime trade.” The agency also stated that it will work with its insurance partners to determine which vessels qualify for reinsurance. To qualify, applicants must provide information including the vessel’s port of origin and destination, major beneficial owners and their locations, cargo owners and their locations, and the lenders financing the vessel.

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