Lloyd’s CEO Says It’s Critical Mideast War Cover Stays Available

The Lloyd’s of London insurance market will continue to provide cover for vessels traveling through the Strait of Hormuz even as shipowners avoid the area, according to chief executive officer Patrick Tiernan.

Shippers seeking insurance for tankers going through the strait “is pretty rare at the moment because people are focused on safety and security,” Tiernan told Bloomberg Television in an interview on Thursday.

Shipping through the Strait of Hormuz — which carries about a fifth of global oil flows, as well as gas, fertilizer and other products — has effectively ground to a halt since the US and ...