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Iran plans to offer insurance for Hormuz transit: Will it work?

Al Jazeera · · 1245 words · By Usaid Siddiqui
Geopolitical Tension (Iran vs US/Israel) Cryptocurrency in Sanctioned Economies International maritime law
open_in_new Read the original article: https://www.aljazeera.com/news/2026/5/18/iran-plans-to-offer-insurance-for-hormu…

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Loaded Language 70% confidence
Using words with strong emotional connotations to influence an audience.

fact_checkFact-Check Results

17 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

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“The country’s Supreme National Security Council on Monday said the new authority, called the Persian Gulf Strait Authority (PGSA), would provide “real-time updates” on operations and the latest developments in the strait”
VERIFIED BY REFERENCE
Wikipedia explicitly confirms the existence of the Persian Gulf Strait Authority (PGSA), its purpose for authorization and regulation of maritime transit, and its founding date of May 5, 2026.
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wikipedia NEUTRAL — A national security council (NSC) is usually an executive branch governmental body responsible for coordinating policy on national security issues and advising chief executives on matters related to n…
https://en.wikipedia.org/wiki/National_security_council
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wikipedia NEUTRAL — The secretary of the Supreme National Security Council (SSNSC) is an official in the government of the Islamic Republic of Iran, responsible for coordinating the country's highest decision-making body…
https://en.wikipedia.org/wiki/Secretary_of_the_Supreme_Natio…
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wikipedia NEUTRAL — The Supreme National Security Council (SNSC; Persian: شورای عالی امنیت ملی, romanized: Showrā-ye Āli-ye Amniyat-e Mellī), also known as the Supreme Council for National Security, is the national secur…
https://en.wikipedia.org/wiki/Supreme_National_Security_Coun…
+ 3 more evidence sources
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“a critical chokepoint through which 20 percent of the world’s oil and gas pass in peacetime”
CORROBORATED
Multiple independent reports from Al Jazeera confirm that 20 percent of the world's oil and gas supplies pass through the Strait of Hormuz during peacetime.
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wikipedia NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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wikipedia NEUTRAL — Iran's anti-access/area denial (A2/AD) strategy in the Strait of Hormuz mixes advanced technology with guerilla tactics to deny, deter or delay foreign forces access and maritime freedom of maneuver. …
https://en.wikipedia.org/wiki/Iranian_anti-access_and_area_d…
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wikipedia NEUTRAL — The Strait of Hormuz () is a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran, and on the south coast lies the Musandam Peninsula under the Musandam Governorate of …
https://en.wikipedia.org/wiki/Strait_of_Hormuz
+ 3 more evidence sources
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“According to a report by Iran’s semi-official Fars news agency published on Saturday, Tehran will offer insurance for vessels transiting the strait and surrounding Gulf waters, with payments settled in cryptocurrency.”
CORROBORATED
Web search results confirm that Iran launched a maritime insurance platform allowing payments in cryptocurrency, including Bitcoin, for vessels transiting the strait.
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wikipedia NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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wikipedia NEUTRAL — Persian Gulf Strait Authority (PGSA) is an Iranian statutory authority responsible for the authorisation and regulation of maritime transit after contacting the authority. It was founded on 5 May 2026…
https://en.wikipedia.org/wiki/Persian_Gulf_Strait_Authority
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wikipedia NEUTRAL — The Strait of Hormuz () is a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran, and on the south coast lies the Musandam Peninsula under the Musandam Governorate of …
https://en.wikipedia.org/wiki/Strait_of_Hormuz
+ 3 more evidence sources
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“Since the US-Israel war on Iran began on February 28”
CORROBORATED
Multiple independent news sources (Al Jazeera, BBC News, RT News) and Wikipedia (2026 Iran war) confirm that a US-Israel war against Iran began on February 28, 2026.
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wikipedia NEUTRAL — The Iran–Israel conflict is a long-standing geopolitical and military confrontation between the Islamic Republic of Iran and the State of Israel, involving proxy hostilities since 1985 and direct clas…
https://en.wikipedia.org/wiki/Iran–Israel_conflict
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wikipedia NEUTRAL — Since 28 February 2026, the United States and Israel have been engaged in a war with Iran and its regional allies. The conflict began when the US and Israel launched airstrikes on Iran, targeting mili…
https://en.wikipedia.org/wiki/2026_Iran_war
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wikipedia NEUTRAL — In 2024, the Iran–Israel proxy conflict escalated to a series of direct confrontations between the two countries in April, July, and October that year. On 1 April, Israel bombed an Iranian consulate c…
https://en.wikipedia.org/wiki/2024_Iran–Israel_conflict
+ 5 more evidence sources
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“Tehran has already admitted receiving tolls from ships attempting to make their way through the key waterway.”
CORROBORATED
Multiple web search results, including reports citing Parliament Deputy Speaker Hamidreza Haji Babaei and The New York Times, confirm Iran has admitted to collecting tolls from ships.
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web search NEUTRAL — Iran’s Parliament is moving to formalize fees for ships passing through the Strait of Hormuz, the portal to the Persian Gulf that is among the world’s most vital waterways, even as it has slowed traff…
https://www.nytimes.com/2026/03/27/world/middleeast/iran-hor…
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web search NEUTRAL — Officials in Iran say they’ve collected the first revenue from tolls imposed on ships transiting the Strait of Hormuz. Analysts say the tolls could generate up to $20 million in daily revenue for Iran…
https://www.democracynow.org/2026/4/23/headlines/iran_says_i…
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web search NEUTRAL — Iran has collected its first revenue from tolls imposed on ships transiting the Strait of Hormuz, one of the world’s most important routes for global energy supplies, Parliament Deputy Speaker Hamidre…
https://www.middleeastmonitor.com/20260423-iran-says-it-coll…
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“Iran has effectively closed the strait in retaliation for US-Israeli attacks”
CORROBORATED
Confirmed by multiple independent sources including Al Jazeera, The Guardian, and Wikipedia, stating Iran effectively closed the strait in retaliation for US-Israeli attacks.
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wikipedia NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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wikipedia NEUTRAL — On 19 March 2026, the United States began an aerial campaign against Iranian targets to reopen the Strait of Hormuz following its closure by Iran in response to the attacks by the United States and Is…
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_campaign
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wikipedia NEUTRAL — Since 28 February 2026, the United States and Israel have been engaged in a war with Iran and its regional allies. The conflict began when the US and Israel launched airstrikes on Iran, targeting mili…
https://en.wikipedia.org/wiki/2026_Iran_war
+ 5 more evidence sources
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“The US Department of State said this month that international waterways must remain open to global shipping and that no country should impose unilateral tolls on transit passage.”
CORROBORATED
Multiple web search results confirm the US State Department's position that no country should impose unilateral tolls on international waterways, specifically mentioning the Strait of Hormuz.
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web search NEUTRAL — The State Department said Chinese Foreign Minister Wang Yi and U.S. Secretary of State Marco Rubio discussed the issue in an April phone call. "They agreed that no country or organization can be allow…
https://www.al-monitor.com/originals/2026/05/china-and-us-ag…
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web search NEUTRAL — Senior officials from the United States and China have agreed that no country should be allowed to charge ships for passing through the Strait of Hormuz, according to the US State Department.
https://www.marineinsight.com/us-china-agree-no-country-shou…
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web search NEUTRAL — State Department spokesperson Tommy Pigott emphasized earlier this week that Washington and Beining “agreed that no country or organization can be allowed to charge tolls to pass through international…
https://www.theautomaticearth.com/tag/secretary-of-state/
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“According to the Fars report, “the Hormuz Safe website has begun offering insurance for maritime cargoes” passing through the strait.”
CORROBORATED
Web search results confirm the existence of the 'Hormuz Safe' platform offering insurance for maritime cargo in the region, as reported by Fars news agency.
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web search NEUTRAL — The Strait of Hormuz is a major route for illicit trade between the Musandam Peninsula, an exclave of Oman, and the southern coast of Iran. The city of Khasab in Musandam is the primary hub for this c…
https://en.wikipedia.org/wiki/Strait_of_Hormuz
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web search NEUTRAL — The platform, called Hormuz Safe, is said to offer cover for maritime cargo moving through the Persian Gulf, the Strait of Hormuz and nearby waterways. Fars said that policies would be issued quickly,…
https://www.coindesk.com/markets/2026/05/18/iran-may-be-turn…
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web search NEUTRAL — Four ships went through the strait on Monday, according to S&P Global Market Intelligence. Before the war, around 130 vessels made the passage daily. Attacks on ships in the Persian Gulf. Source: Unit…
https://www.nytimes.com/2026/05/04/business/trump-hormuz-shi…
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“The outlet added that the programme could bring in more than $10bn in revenue for Iran annually.”
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While the insurance program is mentioned in other claims, the specific figure of '$10bn in revenue annually' is not present in the provided evidence snippets.
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web search NEUTRAL — With a population of over 92 million, Iran ranks 17th globally in both geographic size and population. It is divided into five regions with 31 provinces. Tehran is the nation's capital and largest cit…
https://en.wikipedia.org/wiki/Iran
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web search NEUTRAL — 3 days ago · Real-time Reuters coverage of the Iran war: US-Israel strikes, Iranian retaliation, nuclear threats, oil market shocks, and regional war risks.
https://www.reuters.com/world/iran/
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web search NEUTRAL — 16 hours ago · Iran is a mountainous, arid, and ethnically diverse country of southwestern Asia. The heart of the Persian empire of antiquity, Iran has long played an important role in the region as a…
https://www.britannica.com/place/Iran
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“According to a Bloomberg report in March, Iran had begun collecting ad hoc transit fees from some commercial vessels within the first few weeks of the war, with payments reportedly reaching as much as $2m per voyage.”
CORROBORATED
Multiple web search results, citing Bloomberg and Lloyd's List Intelligence, confirm that Iran collected ad hoc transit fees of up to $2 million per voyage in March.
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web search NEUTRAL — Iran has begun charging transit fees of up to $2 million per voyage on some commercial vessels passi.Payments are being requested on an ad hoc basis, creating an informal toll system for vessels trans…
https://www.quiverquant.com/news/Iran+Imposes+Up+to+$2M+Tran…
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web search NEUTRAL — Iran has started charging transit fees on some commercial vessels passing through the Strait of Hormuz, another sign of Tehran’s control over the world’s most important maritime energy channel.
https://www.bloomberg.com/news/articles/2026-03-24/iran-char…
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web search NEUTRAL — Iran is demanding payments of up to $2 million per voyage from commercial vessels seeking passage through the Strait of Hormuz, according to Bloomberg. At least two payments have been settled in Chine…
https://houseofsaud.com/iran-charges-2-million-strait-of-hor…
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“according to international law, levies cannot be charged on ships sailing through international straits or territorial seas, the United Nations Convention on the Law of the Sea (UNCLOS) says.”
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“Since April 13, the US has implemented a naval blockade of all ships coming from or going to Iranian ports.”
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“In March, insurance costs for vessels transiting the Strait of Hormuz had risen as much as fivefold within days of the first US-Israeli strikes on Iran.”
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“Several leading insurers, including Gard, Skuld, NorthStandard, and the American Club, announced within days of the war starting that they were cancelling war-risk coverage for vessels operating in the Gulf region.”
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“Insurer Chubb joined a $20bn US-supported maritime reinsurance programme aimed at restoring commercial shipping through the Strait of Hormuz”
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“the White House said the latter [Xi Jinping] had “made clear China’s opposition to the militarisation of the strait and any effort to charge a toll for its use””
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“UN Secretary-General Antonio Guterres has called for an immediate opening of the passage, calling for no tolls and “no discrimination”.”
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info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.