EU sanctions against Iran could mark a major shift in the world of insurance

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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