U.S. Doubles Hormuz Insurance Backstop to $40B in Hopes of Luring Ships Back

The Trump administration has doubled its maritime insurance backstop to $40 billion, expanding a flagship effort to restart commercial shipping through the Strait of Hormuz—even as shipowners continue to largely stay away.

The U.S. International Development Finance Corporation (DFC) and Chubb Limited announced Friday that six additional U.S. insurers—Travelers, Liberty Mutual, Berkshire Hathaway, AIG, Starr Companies, and CNA Financial—have joined the Maritime Reinsurance facility, contributing another $20 billion in capacity on top of DFC’s original commitment.

The move comes less than a month after Washington launched the initial $20 billion program, stepping into insurance markets after missile and drone attacks—and a wave