Reinsurance

Middle East conflict, global civil unrest and growing insured losses tighten capacity and reshape underwriting strategies.

Reports suggest Tehran hopes this initiative will eventually generate more than $10 billion in insurance-related income.

Insurers are currently facing declining pricing power, with premium growth expected to slow into next year.

Reinsurers face an erosion of their pricing power as private capital floods the market.

The expanded program will provide $40 billion in rolling coverage for vessels in the Strait of Hormuz.

Earlier this month, the U.S. DFC announced Chubb will head underwriting for a new $20 billion maritime reinsurance plan.