When the CEO of the world's largest publicly traded property and casualty insurer describes a waterway as a "war-zone environment" and says conditions change "from day to day, hour to hour," that is not hyperbole. That is a man whose company has skin in the game every time a vessel transits the Strait of Hormuz.
Chubb (CB) Chairman and CEO Evan Greenberg made those remarks Sunday, June 21, on Fox News' Sunday Morning Futures, offering one of the most candid ***** sments of the Hormuz situation I have seen from a corporate executive. His vantage point is uniquely credible.
Chubb is a major insurer of commercial shipping globally, which means the company's underwriters are pricing this risk every single day.
Mines are the greatest uncertainty.
Greenberg continued. "Only a narrow channel is really being used to transit, and so it limits the number of ships that can actually go in and out."