CB · News · 20260621N

Middle East Conflict Impact

Chubb Ltd · 2026-06-21 · Importance 38 · Surprise 42

Security conditions in the Strait of Hormuz remained unstable, with Chubb CEO Evan Greenberg describing transit risk as an “hour to hour” situation in a war-zone environment. Chubb and Lloyd’s launched a marine war-risk consortium offering up to $400 million of coverage for hull, protection and indemnity, and dedicated cargo risks for vessels transiting the strait. The consortium is supported by a $20 billion U.S. government-backed reinsurance program, while mines and a narrow safe shipping channel remain key uncertainties for global oil and cargo movements.

Key facts

• Evan Greenberg, CEO of Chubb Ltd., said security in the Strait of Hormuz remains 'hour to hour' with mines as the greatest uncertainty and described the situation as a 'war-zone environment' where only a narrow channel is currently safe for transit. source