Tag: Oil insurance

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

Logan B.
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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Oil insurance affected by skyrocketing risk levels in Persian Gulf

Marc
Oil Insurance - oil rig

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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Iran offers oil shipment insurance to India to keep tankers sailing

G. Turner
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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Hurricane insurance companies are preparing for a busier season than usual

Nordstrom
hurricane insurance companies

As Harvey makes its way closer to Texas, insurers are bracing for the impact of landfall. Forecasters and hurricane insurance companies alike are watching both Harvey and the rest of the Atlantic storms that are brewing. The season is expected to be more active than average and it is far from over. In fact, the Atlantic hurricane season has only just reached its peak and will continue until November. Many meteorologists and weather monitoring organizations have upgraded their initial forecasts for the season. Though it was originally expected to be…

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

G. Turner
oil insurance tanker ship

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…

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