Lloyd's exposure to Hormuz crisis has potential to be on par with 1990s asbestos crunch

Potential payout could top 9/11, Covid-19, hurricanes and California wildfires put together, writes David Osler of Lloyd's List

Aggregate marine insurance exposure to the Strait of Hormuz crisis sits at around US$20 billion for hull war risk and billions of dollars more for cargo, according to multiple market sources. Most of the hull risk is thought to be reinsured at Lloyd's, which could face payouts on a scale not seen in decades if some of the worst-case scenarios pan out.