US to launch Gulf shipping insurance to secure Strait of Hormuz trade

The US International Development Finance Corporation (DFC) and the Treasury Department will launch a reinsurance program for vessels in the Persian Gulf, providing coverage of up to $20 billion to stabilise maritime shipments through the Strait of Hormuz amid tensions with Iran, the corporation said in a statement.

“DFC reinsurance facility will insure losses up to approximately $20 billion on a rolling basis,” the statement read.

DFC CEO Ben Black expressed gratitude to President Trump and Secretary Bessent for their support and approval of DFC’s plan to restore confidence in maritime trade and stabilise international markets. 

He noted that, working alongside CENTCOM, DFC coverage would provide a level of security unmatched by any other policy.

“We are confident that our reinsurance plan will get oil, gasoline, LNG, jet fuel, and fertiliser through the Strait of Hormuz and flowing again to the world,” Ben Black stated.

By Jeyhun Aghazada