Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact on global reinsurance markets of war risk insurance coverage for the Strait of Hormuz being cancelled by marine insurers.

The Treasury is in regular contact with the Bank of England, international counterparts, and affected industries, including our maritime sector.

I recently met with Lloyd’s of London as part of the government’s ongoing work to monitor impacts from the unfolding conflict in Iran and the Middle East. The Treasury will continue to monitor global insurance markets, including war risk insurance coverage.