The United States moved to support shipping in the Gulf with a new maritime reinsurance plan covering war-related risks for eligible vessels in the region.
According to the announcement, the programme was arranged by the US International Development Finance Corporation (DFC) and the US Treasury Department. It was set up to help restore confidence in maritime trade and support international commerce during the continuing conflict with Iran.
The facility was structured to cover losses of up to $20 billion on a rolling basis. It applied only to vessels meeting specific eligibility requirements.
US officials said the plan formed part of a broader effort to protect global trade flows through the Strait of Hormuz, especially cargoes of oil, gasoline, LNG, jet fuel and fertiliser.
The measure was approved by US President Donald Trump and announced by DFC CEO Ben Black and Treasury Secretary Scott Bessent. Implementation was to be coordinated with the United States Central Command (CENTCOM).
At the initial stage, the programme focused on hull and machinery insurance as well as cargo cover for ships transiting the region.
Black said the reinsurance plan would help keep oil, gasoline, LNG, jet fuel and fertiliser moving through the Strait of Hormuz and into the world market.
DFC also said it had selected preferred American insurance partners and would release more details as implementation advanced. The announcement came as some marine insurers, including Gard, had stopped offering war-risk cover for ships operating in the area.
