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Trump admin announces $20 billion reinsurance program for oil tankers during Iran war
The U.S. program aims to stabilize Gulf maritime trade by backing $20 billion in reinsurance for oil, LNG, and cargo, addressing halted shipments and rising war-risk premiums.
- DFC said on Friday it will provide up to $20 billion in Maritime Reinsurance for losses in the Gulf region, approved by U.S. President Donald Trump and announced with U.S. Treasury Secretary Scott Bessent.
- After the Strait of Hormuz transit ground to a halt, a number of tankers were damaged and war-risk premiums surged, causing some insurance providers to scale back coverage.
- The DFC said working with preferred American insurance partners, coverage will roll out on a rolling basis, including war risk, and CEO Ben Black expressed gratitude for support from President Trump and Secretary Bessent.
- The move aims to prevent insurers from sharply raising premiums by providing reinsurance, helping stabilize international commerce and support American and allied businesses operating in the Middle East.
- Rising energy costs threaten to push up consumer pump prices as crude oil prices have skyrocketed over $90 per barrel, risking inflation as businesses pass shipping costs onto consumers and global oil markets.
18 Articles
18 Articles
The DFC launches a reinsurance of up to 20 billion for ships crossing Ormuz, in the face of tensions with Iran and oil surges.
Ben Black, CEO of the U.S. International Development Finance Corporation, an independent agency acting as an international investment arm of the U.S. government, and U.S. Treasure Secretary Scott Bessent announced an agreement on a plan approved by Trump this Saturday to provide insurance for maritime losses in the Persian Gulf Region, including war risk coverage in the Gulf region. The agreement will cover losses up to approximately US$ 20 bill…
US Creates $20 Billion Reinsurance Fund for Gulf Shipping Amid Iran War
The Trump administration created a $20 billion federal reinsurance program for commercial oil and gas vessels to restore tanker traffic in the Strait of Hormuz. White House officials have been employing various measures to stabilize global energy markets as oil prices broke $90 per barrel at the end of the trading week amid the conflict in Iran. President Donald Trump announced earlier this week that his administration would provide guaranteed p…
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