Trump promises Gulf ships cheap insurance as London rivals cancel policies [View all]

Source: The Telegraph

Donald Trump has promised cheap insurance for ships travelling through the Strait of Hormuz in a challenge to Lloyd’s of London.

The US president said he had ordered America’s international investment body to insure ships travelling through the Persian Gulf at a “very reasonable price” after the outbreak of fighting in the Middle East led insurers to cancel polices and dramatically raise rates.

Mr Trump wrote on Truth Social: “Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, travelling through the Gulf.”

The pledge is an attempt to calm international oil markets, which have been rocked by conflict in the Middle East. Investors are concerned that the war with Iran could not only disrupt oil production but also halt trade....

Read more: https://www.telegraph.co.uk/business/2026/03/04/trump-promises-gulf-ships-cheap-insurance-lloyds-of-london/