The new consortium offers up to $200m each for hull and cargo risks amid rising tensions in the Strait of Hormuz.
Lloyd’s and Chubb have established a marine war risk insurance consortium for the Strait of Hormuz, providing up to $400m in total capacity. The facility, available since late last week, covers hull and protection and indemnity (P&I) risks up to $200m, with an additional $200m allocated for cargo.
The initiative follows heightened geopolitical risks in the region, where marine war risk insurance typically protects against war, terrorism, and piracy. Access is subject to underwriting criteria, sanctions screening, and regulatory compliance. Chubb leads the underwriting, supported by Lloyd’s syndicates and specialist partners.
Coverage is distributed via brokers and assessed on a case-by-case basis, contingent on policy terms and exclusions. The move aims to support global commerce by addressing capacity constraints in high-risk shipping lanes.