The facility provides up to $200 million in capacity for hull and protection and indemnity risks, with an additional $200 million specifically for cargo. Chubb serves as the lead underwriter for the consortium, drawing on Lloyd’s market syndicates to manage the specialized risks associated with the region. Lloyd’s, which currently controls roughly 70 to 80 percent of the global war insurance market, intends for this pool to offer a streamlined solution for brokers navigating the volatile Persian Gulf shipping lanes.

Despite the diplomatic breakthrough, the shipping industry remains cautious. While Donald Trump declared the US-Iran peace deal finalized and promised the Strait would remain open, commercial operators are waiting for tangible proof of safety. Peter Aylott, policy director at the UK Chamber of Shipping, noted that firms require a robust string of evidence that vessels can transit the waterway without incident before fully resuming operations. With roughly 80 million barrels of crude oil currently lined up for export, the success of this insurance facility serves as a critical barometer for the restoration of global energy flows.