Bessent Targets JPMorgan Over Shipping Insurance Analysis

JPMorgan Chase’s head of global commodities research, Natasha Kaneva, has drawn criticism from U.S. Treasury Secretary Scott Bessent after publishing a research note questioning the government’s ability to insure vessels traveling through the Strait of Hormuz, Julius Rimmer reported for NBC News.

The dispute centers on a proposal floated by Donald Trump suggesting that a government agency—the U.S. International Development Finance Corporation—could provide insurance coverage for tankers facing missile and drone threats from Iran. (Photo: J.P. Morgan Facebook)

The March 4 note expressed skepticism about Washington’s plan to provide insurance coverage to ships navigating the conflict-prone waterway.

Bessent blasted the analysis as “terrible,” “flawed,” “completely inaccurate,” and “irresponsible” during an interview with Larry Kudlow on Fox Business.

The dispute centers on a proposal floated by Donald Trump suggesting that a government agency—the U.S. International Development Finance Corporation—could provide insurance coverage for tankers facing missile and drone threats from Iran.

Kaneva’s team estimated that roughly $352 billion in coverage would be needed.

However, unless Congress authorizes additional capacity, the agency could only expand its contingent liability to about $205 billion, leaving approximately $154 billion in exposure uninsured.

The episode echoes a previous clash between Bessent and Deutsche Bank strategist George Saravelos, who speculated that European institutions could dump $8 trillion in U.S. Treasury holdings amid tensions over Trump’s geopolitical policies.

So far, Jamie Dimon, CEO of JPMorgan, has not publicly commented on Kaneva’s analysis.