What to know about the agency Trump says will insure ships in the Persian Gulf
CBS News • • nation
Key Points:
- President Trump announced that the U.S. International Development Finance Corporation (DFC) will provide political risk insurance to ships sailing through the Persian Gulf to ensure the "free flow of energy" amid the Iran war, with potential U.S. Navy escort support for tankers.
- The DFC, a government agency established in 2019 to support global investment projects, is stepping into maritime insurance as private insurers withdraw coverage due to escalating risks in the Gulf, aiming to stabilize international commerce and support American and allied businesses.
- Political risk insurance typically covers losses from war and hostile actions, but the DFC's involvement marks a significant shift from its usual focus on economic growth projects in low-income countries to underwriting risks in a high-conflict zone.
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