According to S&P Global, Iran has the ability to implement a maritime insurance programme that would offer limited cover for vessels passing through the strategic Strait of Hormuz, though such capacity is expected to be constrained by risk, geopolitical dynamics and its current market infrastructure.
Steve Tunstall, General Secretary of the Pan‑Asia Risk and Insurance Management Association (PARIMA), said that Iran’s newly launched scheme — reportedly named Hormuz Safe — could provide “verifiable digital insurance” to shipping companies and cargo owners, particularly local entities, but would operate only “to some degree” under existing limitations.
The programme was introduced amid the ongoing 2026 crisis in the Strait of Hormuz, where geopolitical tensions have disrupted traditional maritime insurance markets and driven up war‑risk premiums dramatically. Various global efforts — including India’s Bharat Maritime Insurance Pool and the Hong Kong Marine War Risks Insurance Pool — have been launched to provide hull, cargo and war‑risk coverage for transits through the strait.
While the Iranian scheme reflects efforts to support shipping activity under extreme conditions, market sources note that actual uptake may be limited. Safety concerns for shipmasters, crew risk considerations and broad re‑pricing of war‑risk insurance are significant deterrents for many international operators, even where cover exists.
For more structured learning, please visit our website Smart Online Course, where we offer multiple courses to help you deepen your understanding of risk management.
#Insurancenews
