The Joint War Committee of London’s Lloyd’s Market Association said the risk is highest since 2005. The oil insurance companies are reacting to the risks spiking in the Persian Gulf that are affecting tankers that must travel through that region. The risk of danger to oil tankers in the Persian Gulf hasn’t been this high since 2005. A new report from the Joint War Committee of London’s Lloyd’s Market Association stated that it would increase its “listed areas.” Those listed areas are the regions in which the highest shipping risks…
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International insurance company formed by Iran for oil tanker coverage
The country has launched the new coverage as its latest step to overcome Western sanctions. The European Union and the United States had placed sanctions against Iranian oil, including bans on coverage of oil tankers carrying crude from the country, but the nation is now expanding the protection that it is offering for these ships through the launch of its own international insurance company. This insurer will be providing coverage for the tankers that transport Iran crude worldwide. Rostam Qassemi, the Iranian Oil Minister, explained that the creation of its…
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