Live Insurance News

Oil insurance expiration may cease Japan’s imports of Iranian crude

March 1, 2016February 28, 2016 G. Turner

The country has been providing its own cover for tankers making the shipments and this may not renew. This month will likely start the cessation of the importing of Iranian crude in Japan as it is allowing its self-provided oil insurance to expire and has not yet established a new way to cover the tankers. Japan first created its own special shipping insurance coverage to overcome prior sanctions against Iran. Since the oil insurance is set to expire with the close of March, the country will be ceasing its loading…

When oil insurance becomes available again, Iran will sell more crude

July 28, 2015July 24, 2015 Julie Campbell

The country intends to begin boosting its shipment to awaiting customers once the sanctions are lifted. Refiners in Asia are now gearing up to purchase more crude from Iran once word has been confirmed that the sanctions have been lifted and oil insurance can once again be purchased internationally for tankers and refineries carrying and processing crude from the country. Tehran is now working hard to attempt to compete and rebuild its market share within an oversupplied marketplace. When the deal was finally reached among world leaders, last Tuesday, following…

Oil insurance sanctions from EU to ease against Iran next week

January 16, 2014January 14, 2014 Julie Campbell

Pending the go-ahead from the U.N nuclear watchdog changes will go into effect on January 20. The governments in the European Union are planning to implement relief to the EU oil insurance and other sanctions that were placed against Iran, on January 20, the day after a nuclear agreement goes into effect. This will mean that the Middle Eastern country will be able to find coverage for its crude exports. Following an accord from November 24, the E.U. will be implementing a six month suspension of the current bans on…

Insurance News: South Korea halts purchases of oil from Iran

September 17, 2012September 17, 2012 Nordstrom

Despite insurance coverage, South Korea nixes Iran oil purchases In insurance news headlines today, South Korea has halted its purchases of oil from Iran as the countries refiners lose access to their insurance coverage due to sanctions from the European Union. The EU instituted sanctions against Iran were enacted earlier this year and prevent ships carrying Iranian oil from receiving insurance coverage. The maritime insurance industry, much of which is represented by the United Kingdom, expressed concerns over the sanctions but quickly complied as the measures were enacted. South Korea…

Shipping insurance ban may not have an impact on the oil market

June 19, 2012 Nordstrom

Sanctions loom but analysts suggest a modest impact In approximately two weeks, the European Union will enact sanctions against Iran that will ban insurance companies from providing coverage for ships carrying oil that was produced in the country. The sanctions have proven to be a controversial topic for many countries that rely heavily on the oil produced in Iran. They have also managed to catch the ire of the shipping insurance industry, 95% of which is based in the United Kingdom. Insurers and politicians have argued that the sanctions will…