Insurance company Chubb will serve as the lead insurer in a U.S. government backed program designed to protect ships traveling through the Strait of Hormuz during the war involving Iran.
The plan is being coordinated with the U.S. International Development Finance Corporation and could provide up to $20 billion in coverage for vessels operating in the region.
Chubb set as main U.S. insurer for Persian Gulf shipping amid Iran war https://t.co/3Z9I95eNnN
— CNBC (@CNBC) March 11, 2026
The program aims to restore commercial shipping through the strategic waterway, where tanker traffic has slowed sharply due to security threats. According to the International Energy Agency, roughly 20 million barrels of oil and petroleum products typically pass through the strait each day.
Shipping companies have become reluctant to use the route as attacks on vessels increase. The U.K. Maritime Trade Operations center reported that three ships near Iran were struck by projectiles this week.
President Donald Trump warned Iran that any attempt to block the waterway would face a strong U.S. response.
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TIPP Staff
