Insurance news from India shows ongoing consideration of Iranian oil coverage

india news iran crude oil insurance

Insurers from Iran have offered to provide cover for tankers transporting that country’s crude. The latest in the insurance news saga regarding Iranian oil tanker coverage, particularly when it is headed to India, is that Iran is offering to provide the coverage for the ships so that Indian companies will be able to accept it. However, the Indian companies still hold some reluctance as they do not want to expose themselves to sanctions. India has been considering adding an additional state guarantee of $327 million to this insurance news, to…

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Insurance news watchers wonder if new Iran President will promote improvements

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Many are hopeful about changes from President-elect Hassan Rowhani, but others caution against wishful thinking. Iran has made insurance news headlines for over a year, since the world started preparing for the oil sanctions that were implemented in July 2012 prohibiting the coverage of Iranian crude. These headlines continued to be made as some countries found alternatives and while others found new oil sources. The insurance news that was from some of the country’s largest importers, such as India, China and Japan. Though some governments were able to create their…

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Oil insurance offered by Iran to India refiners

india news iran crude oil insurance

In an effort to boost the sales of crude, Tehran is now offering coverage to Indian refineries. Iran has just offered to provide Indian refiners with oil insurance in order to try to increase its sales of crude, as Tehran seeks out new ways to reduce the considerable impact it has suffered from the revenues drop that resulted by strict sanctions from the European Union and the United States. The sanctions from the E.U. and the U.S. have slashed away at Iran’s ability to sell crude. These sanctions were specifically…

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Oil insurance fund to be created in India for Iranian imports

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The money reserved will be used to cover the refineries that are processing crude from the Middle Eastern nation. India has announced that it is going to try to solve its own oil insurance problems by creating a fund that will be worth approximately $364 million (20 billion rupees) to provide coverage for the refiners that will be using Iranian crude. The crude from Iran is subject to sanctions from the West, such as the European Union, that has banned coverage. The E.U. has placed a ban on providing oil…

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Oil insurance fund to be established in India for Iranian crude

oil insurance news

A new program is being designed to provide Indian refiners with the coverage that they require. India has now revealed that it has intentions to establish a special fund in order to give refineries the opportunity to obtain oil insurance coverage after reinsurers from the European Union refused to provide protection for units that process crude from Iranian sources. The country’s own insurers have refused coverage to the refiners as they could not obtain reinsurance. The reason is that the oil insurance companies within India were not able to obtain…

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