Chubb Outlines $20B Maritime Reinsurance Facility with Liability Coverage

Chubb, the lead underwriter, has outlined the structure of the $20 billion maritime reinsurance facility created by the US International Development Finance Corp (DFC) to provide marine war risk insurance for ships sailing through the Strait of Hormuz. The facility will provide hull, liability, and cargo insurance and is a public-private partnership with other American insurance companies acting as reinsurers. The initiative aims to support shipping in the region despite the ongoing war with Iran.