Oil insurance affected by skyrocketing risk levels in Persian Gulf

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

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

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

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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Japan chooses to continue providing its own oil insurance

oil insurance

Despite the fact that the sanctions against Iran have been lifted, the country will be keeping its sovereign coverage. Now that the sanctions against Iran are being lifted, it means that there will be considerably greater oil insurance offerings available to countries that want to purchase their crude from Tehran, but Japan has decided that it will be maintaining its own sovereign coverage. The current situation in the industry is improving the uncertainty with regards to being able to obtain coverage. With the lifted sanctions, oil insurance protection will, once…

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

oil insurance news

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…

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Japanese Iranian oil insurance shipping costs to rise this year

oil Insurance News

According to recent reports, Japan’s maximum coverage for tankers carrying crude from Iran is expected to rise. According to sources quoted in several oil insurance news reports, Japan is preparing to raise the maximum cover for tankers transporting crude from Iran within the 2015-2016 fiscal year (April-March). This is the result of an increase put into place by the International Group of P&I Clubs, among other factors. The weakening of the Japanese yen, in comparison with the American dollar has also had an effect on the oil insurance protection and…

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