Cemal ERERDİ, CEO of Ethica Sigorta, shared important developments regarding insurance capacity for ships passing through the Strait of Hormuz in a social media post.
It was noted that the $20 billion in insurance capacity planned by the U.S. government for ships transiting the Strait of Hormuz was established by the relevant government agency, the U.S. International Development Finance Corporation (DFC).
It was stated that international insurance companies, including Berkshire Hathaway, Travelers, Chubb, AIG, Liberty Mutual, Starr, and CNA, are among those participating in this capacity.
With this participation, it was reported that an additional $20 billion in reinsurance capacity has been added to the existing $20 billion in coverage, bringing the total capacity to $40 billion.
It was noted that the policies issued will cover the passage of ships through the Strait of Hormuz, that the insurance coverage will expire upon completion of the passage, and that this will allow for the continuous provision of new coverage. It was stated that the system will operate with a maximum capacity of $40 billion.
It was stated that Chubb will serve as the lead insurer under the program and will manage the pricing, underwriting, and claims handling processes.
