Strait of Hormuz transit security is an ‘hour to hour’ gamble, shipping insurer chief says

Category: Markets

Published: 2026-06-21T19:21:17.000Z

Evan Greenberg, CEO of Chubb Ltd., stated that security in the Strait of Hormuz remains an "hour to hour" gamble due to mines and a narrow shipping lane, creating a "war zone" environment. Despite Iran's claims of closing the strait, oil and cargo continue to move, with the U.S. Navy working to open broader shipping channels. Global insurers like Lloyd's and Chubb are managing the risk with a $400 million war coverage consortium, supported by a $20 billion U.S. government-backed reinsurance program.

Read the original source

News summary curated and translated by CausifyMarket. Always consult original sources before making any financial decision.