Lloyd’s exposure to Hormuz crisis has potential to be on par with 1990s asbestos crunch
- Underwriters pocketing hundreds of millions of dollars a week in APs from shipowners
- But possible liability exceeds 2023 Ukraine payout 50-60 times over
- Expect arguments over when a jack up can be deemed ‘trapped’
Potential payout could top 9/11, covid, hurricanes and California wildfires put together