Live Insurance News

Japan chooses to continue providing its own oil insurance

January 20, 2016January 19, 2016 Julie Campbell

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…

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

July 28, 2015July 24, 2015 Julie Campbell

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…

Japanese Iranian oil insurance shipping costs to rise this year

February 27, 2015February 26, 2015 Julie Campbell

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…

Oil insurance to resume per new deal with Iran

November 28, 2013November 25, 2013 S.Vagus

Sanctions against Iran relaxed Oil shipments to countries throughout Asia have been suffering due to sanctions imposed against Iran by the European Union and the United States. These sanctions have barred European insurance companies from providing coverage to freighters that are shipping oil coming from Iran. The sanctions have had a significant economic impact on Iran, as the country’s oil sales have plummeted by more than half since 2011. Now, the EU has announced that it will be relaxing its sanctions on the country due to a new deal. Sanctions…

Oil insurance fund delays shrink Indian imports of Iran crude

November 5, 2013November 2, 2013 H. Cutner

As refiners continue to await the full operation of the program, not as many tankers are leaving Iranian ports for India. The imports of Iranian crude to India have dropped by 40 percent over the span of January through September as a number of refiners in the country have been slashing their purchases as they await the oil insurance coverage that New Delhi has been promising for the coverage of plants provide the local processing. The Western sanctions from Europe and the United States continue to hold back Iran’s export…