Chubb Leads $20bn Maritime Insurance Facility with US Government Support

Chubb, in partnership with the US International Development Finance Corporation, has launched a $20bn maritime insurance facility. The facility aims to support global trade by providing insurance for commercial shipping, particularly for energy and goods transportation. Chubb will oversee the facility, set pricing and coverage conditions, assume risk, and handle policies and claims. The facility will offer war hull risk insurance, war protection and indemnity insurance, and war cargo insurance to vessels passing through the Strait of Hormuz, subject to certain conditions.