Expanding tanker insurance system to ensure stable energy supply
The Japanese government is considering new support measures for tankers transporting crude oil and other resources in order to strengthen energy security. The policy aims to expand the scope of the special measures currently provided by the state, which act as a reinsurer for tankers.
Until now, this system has primarily targeted tankers transporting Iranian crude oil. However, as the stable procurement of energy has become increasingly important due to changes in the international situation, the government is moving forward with a review of the system to include tankers transporting non-Iranian crude oil in the future.
Transporting crude oil requires substantial insurance coverage in the event of an accident. However, when passing through unstable regions such as the Middle East, it can be difficult for private insurance companies to provide sufficient coverage on their own. Therefore, by having the state shoulder a portion of the insurance, the government will ensure that tankers can transport crude oil to Japan with peace of mind.
Through this expansion, the government intends to create an environment where Japan can import the energy it needs more stably. Efforts toward stable energy supply will continue, while taking international risks into account.