Lloyd’s of London stresses it is still insuring shipping in strait of Hormuz
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Lloyd's of London is continuing to provide insurance for ships traveling through the Strait of Hormuz, despite increased risk and costs due to the Iran conflict. While Lloyd's has expanded restricted areas requiring premium adjustments, it has not stopped offering coverage. Insurance rates for war damage have significantly increased, potentially costing shipping companies hundreds of thousands of dollars more per voyage. The US government has announced a $20 billion reinsurance facility to support shipping in the region, but its effectiveness is questioned. The UK is also working with international partners to ensure safe passage through the Strait, which is crucial for global oil and gas supplies.
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