Oil insurance rates “increased 10-fold” since Strait of Hormuz tanker attacks

Oil insurance rates - Oil Tanker

The attacks on oil tankers and U.S. spy drones since may have been driving the risk – and cost- skyward. Oil insurance rates to cover tankers transporting crude around the world have been rising sharply over the last couple of months. A US listed shipping company’s CEO pointed out that the recent attacks have spiked premiums. Since May, a U.S. spy drone and six oil tankers have been attacked near or within the Strait of Hormuz. That waterway is a strategic transport route that connects Iran, Oman and the United…

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Iran offers oil shipment insurance to India to keep tankers sailing

Oil shipment insurance - Ship at sea carrying oil

Tehran’s efforts to overcome the returning U.S. sanctions include providing their own insurance coverage. Iran has started offering India oil shipment insurance to cover tankers operated by Iranian companies. The goal is to overcome the barriers occurring as a result of Indian insurance companies backing out of covering Iranian oil takers due to the return of sanctions from the United States. By providing their own cargo insurance for tankers headed to India, Tehran is hoping to keep tankers moving. As India is Iran’s second largest single oil customer – China…

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Insurance news in Uganda shows trend toward oil sector risks

oil insurance news

Brokers are focusing on the opportunities that the new industries are providing in the country. The recent insurance news that has been arriving from Uganda has been based on the interest that brokers have been taking in the blossoming oil and gas sector in the country. Training has been started to ensure that insurance brokers understand the risks and how to mitigate them. The Uganda Association of Insurance Brokers (UAIB) chairman, Maurice Amogala, who is also the CEO of AON Uganda, Ltd., has stated that they are already dedicating themselves…

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