Insurance News: South Korea halts purchases of oil from Iran

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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Iran offers insurance to sidestep EU sanctions

Oi insurancel tanker ship coverage

Iran begins taking matters into its own hands concerning insurance coverage Iran continues to struggle with strict sanctions enacted against it by the European Union concerning the country’s controversial nuclear program. As the sanctions begin to take their toll on the transportation of oil from the country, Iran is looking to take matters into its own hands. The country has entered into the insurance business, offering shipping companies coverage as a means to sidestep the sanctions imposed by the EU. The insurance coverage being offered by Iran would not only…

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Shipping insurance ban may not have an impact on the oil market

oil insurance news

Sanctions loom but analysts suggest a modest impact In approximately two weeks, the European Union will enact sanctions against Iran that will ban insurance companies from providing coverage for ships carrying oil that was produced in the country. The sanctions have proven to be a controversial topic for many countries that rely heavily on the oil produced in Iran. They have also managed to catch the ire of the shipping insurance industry, 95% of which is based in the United Kingdom. Insurers and politicians have argued that the sanctions will…

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Armed guards could cut marine insurance costs

Marine Insurance

Marine insurance gaining attention due to EU sanctions As marine insurance continues to grab attention in the world of insurance news – with interest being fueled by the political standoff between the European Union, the U.S., and Iran – one United Kingdom-based insurance broker believes there may be a way for shipping companies to attain affordable coverage despite sanctions. Iran is currently facing sanctions from the EU in regards to oil shipments. According to these sanctions, insurance companies would not be allowed to provide coverage for cargo ships that are…

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United Kingdom works to delay sanctions against Iran

Sanctions could have major impact on the global economy Iran is currently facing imposing sanctions from the European Union that could have serious economic implications for the country. These sanctions are spurred by Iran’s refusal to put a stop to its controversial nuclear power program, as well as other reasons. The most recent sanctions from the EU will institute an insurance ban, barring companies from providing insurance coverage to ships transporting oil that was produced in Iran. The ban has caused a stir in the world of politics, even for…

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Indian shipping firms to transport oil despite sanctions

Insurance news

EU sanctions putting strain on shipping industry As Europe and the U.S. begin to tighten sanctions against Iran, concerns regarding the impact these sanctions will have on the shipping industry have grown. Over the past year, sanctions have caused ripples in the industry because they threatened to prevent shipping firms that transport Iranian oil from obtaining insurance coverage. Pushed forward by the European Union, these sanctions banned maritime insurers from covering ships that carried Iranian oil. Some insurers have been granted waivers allowing them to cover these vessels, but coverage…

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India seeks alternatives to European maritime insurers as EU sanctions on Iran loom

As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…

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