Insurance services in lieu of fees: Tehran lays out a new plan to manage the Strait of Hormuz
Insurance services in lieu of fees: Tehran lays out a new plan to manage the Strait of Hormuz
2026-05-16
Shafaq News – Tehran
Iran’s Ministry of Economy has begun work on a project aimed at managing shipping traffic in the Strait of Hormuz through a special maritime insurance system, which would give Tehran greater control over the strait and generate significant economic returns after the recent war, according to Iranian media reports.
The Iranian news agency Fars published a report stating that the plan is based on providing insurance services to ships crossing the strait instead of imposing direct transit fees, in order to avoid the political and legal problems associated with imposing transit fees according to the rules of international law.
According to the project, the proposed insurance system would allow Iran to obtain detailed information about ship movements, distinguishing their nationalities and routes, thus giving it “informational oversight” of navigation in the strait.
The report indicated that Iran believes that the management of the strait should remain in its hands after the damage it suffered as a result of the use of the sea passage by “enemy ships” during the last war.
The project estimates that relying solely on traditional maritime services will generate no more than $2 billion annually, while the new marine insurance system could generate revenues exceeding $10 billion, especially if it begins to insure against the risks of inspection, seizure, and detention of ships.
In contrast, some Iranian experts expressed reservations about the project, arguing that the global marine insurance market is dominated by major international companies, and that ships insured by Iranian companies may face difficulties entering some international ports.
To overcome this obstacle, other experts pointed to the possibility of implementing the plan through Russian and Chinese insurance companies using a “reinsurance” system, with Iranian insurance being offered as an additional service accompanying the internationally approved basic insurance.
This trend comes amid escalating Iranian statements regarding the “strategic management” of the Strait of Hormuz, which is one of the most important oil and trade routes in the world.
A Wall Street Journal report had previously warned that Tehran had announced it had significantly broadened its definition of the Strait of Hormuz, indicating its intention to expand its control over the vital waterway, which was effectively closed to global shipping due to Iranian attacks at the start of the conflict.
shafaq.com
