Tag: iran

Iranian state-controlled insurance company sees tanking net profits

Nordstrom
Insurance Company - Net Loss - Iran flag

The first insurer of its kind in the country experienced substantial losses last year. The first Iranian government-controlled insurance company saw considerable net profit losses next year, when it dropped by 300 percent when compared to its 2021 figures. The insurer was first established in 1935 and has locations around the globe, including the United Kingdom. The insurance company had already been seeing losses in previous years, but last year marked a new level of loss in its profits under the management of political appointees. In 2014, the market share…

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Insurance industry gains more flexibility as EU relaxes Iran sanctions

Marc
Iran Oil Insurance industry News

EU lifts some sanctions against Iranian oil The European Union has lifted sanctions on several Iranian oil companies, allowing insurance providers to offer coverage for the oil that these companies produce once again. The insurance industry had experienced some turbulence due to the sanctions, as they prevented insurers from covering ships containing oil produced in Iran. These sanctions were meant to pressure Iran into aligning itself with certain political interests, but also introduced some economic stress to other countries that rely on Iranian oil, such as India and Japan. Insurance…

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Oil insurance to resume per new deal with Iran

S.Vagus
oil Insurance News

Sanctions against Iran relaxed Oil shipments to countries throughout Asia have been suffering due to sanctions imposed against Iran by the European Union and the United States. These sanctions have barred European insurance companies from providing coverage to freighters that are shipping oil coming from Iran. The sanctions have had a significant economic impact on Iran, as the country’s oil sales have plummeted by more than half since 2011. Now, the EU has announced that it will be relaxing its sanctions on the country due to a new deal. Sanctions…

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Insurance News: South Korea halts purchases of oil from Iran

Nordstrom
Iran Oil Insurance industry News

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…

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South Korea to sidestep EU ban on maritime insurance coverage

S.Vagus
oil insurance news

South Korea to resume providing coverage next month South Korea plans to sidestep sanctions imposed against Iran by the European Union and will continue to provide the country with maritime insurance coverage beginning next month. South Korea is the latest Asian country that has chosen to ignore the sanctions, which have instituted a ban on providing ships carrying Iranian oil with insurance coverage. The sanctions have been subjected to a great deal of criticism because of their potential to cause economic damage. The maritime insurance that South Korea provides is…

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