U.S. doubles Hormuz insurance backstop to $40B to lure ships

On 2026-04-04, the U.S. International Development Finance Corporation and Chubb announced an expansion of the Maritime Reinsurance facility to $40 billion, adding $20 billion in backing after the initial program launched less than a month earlier. The move was intended to lure ships back into the Strait of Hormuz after insurer withdrawals and attacks disrupted traffic.