---
title: "Chubb partners with US agency on $20 billion reinsurance plan for Strait shipping"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278927960.md"
description: "Chubb is collaborating with the US International Development Finance Corp. on a $20 billion maritime reinsurance program for vessels in the Strait of Hormuz. This initiative aims to support shipping through the region, which has been disrupted due to rising tensions following the US-Israel conflict with Iran. Chubb will underwrite policies for qualifying vessels, with the goal of restoring confidence in trade flows. The Strait is crucial for global oil shipments, and the program seeks to mitigate risks and encourage the resumption of commercial activities."
datetime: "2026-03-12T18:30:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278927960.md)
  - [en](https://longbridge.com/en/news/278927960.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278927960.md)
---

# Chubb partners with US agency on $20 billion reinsurance plan for Strait shipping

A new insurance lifeline could be emerging for one of the world's most important oil routes. Chubb is partnering with the US International Development Finance Corp. on a maritime reinsurance program that could provide as much as $20 billion in coverage tied to vessels moving through the Strait of Hormuz, according to a statement released Wednesday. The initiative comes as shipping through the strategic passage has largely halted since the US and Israel launched a war against Iran on Feb. 28, raising risks for vessels crossing the region. The Trump administration's program is designed to support maritime insurance capacity and potentially help restore confidence in trade flows moving through the corridor.

Under the arrangement, Chubb will underwrite and issue policies for vessels that qualify for the program, while additional insurers could possibly join the initiative in the coming days. The effort forms part of Washington's broader push to provide maritime reinsurance support as tensions in the Gulf region disrupt global shipping. Chubb Chief Executive Officer Evan Greenberg said the commerce passing through the Strait of Hormuz plays a vital role in the global economy, and that providing vessels with insurance protection is essential for trade flows to resume.

The Strait of Hormuz handles roughly one-fifth of global oil shipments along with gas, fertilizer and other commodities, making it one of the most important energy chokepoints worldwide. However, maritime activity through the route has slowed sharply as the conflict intensified and Iran threatened vessels crossing the passage. While the Lloyd's Market Association has indicated that insurance coverage in the region remains available, premiums have surged as risks climbed. The Development Finance Corp. said its reinsurance initiative could help cover losses tied to hull, machinery and cargo damage, potentially helping restore market confidence and allowing commercial and energy shipments to gradually resume.

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