US launches ₹1,83,867 crore reinsurance plan to cover Gulf maritime losses amid Middle East war

US International Development Finance Corporation announced a maritime reinsurance plan, including war risk, for ships and businesses in the Gulf region. Under this facility, losses of around $20 billion (₹1,83,867 crore) will be covered on a rolling basis. This comes as oil prices rose sharply due to shipping disruption in Strait of Hormuz amid the Middle East war.