Tag: iran insurance

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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Iran insurance processing may soon be blocked on Lloyd’s IT platform

H. Cutner
Iran Insurance processing could be blocked - brick wall

Sanctions from the United States will likely get in the way of using the platform for this purpose. New U.S. sanctions will likely make it impossible to purchase any form of Iran insurance using a Lloyd’s of London platform. This will only worsen struggles for European insurers that have been providing Iranian coverage. The sanctions are being re-applied by the United states after it backed out of the nuclear deal. President Trump walked out on the Iran nuclear deal in May. The remainder of the world powers that originally joined…

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Oil insurance to resume per new deal with Iran

S.Vagus
oil Insurance News

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…

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Oil insurance pool for Iranian crude expected for India in December

G. Turner
oil insurance news Iran imports stopped from india

The Finance Ministry is hoping that the fund will be formalized by next month and is encouraging speed. The Finance Ministry in India is asking the Petroleum Ministry to work more quickly in their effort to complete the procedure for the creation of the oil insurance pool that would make it possible to provide coverage for tankers bringing Iranian crude to the country. This effort is designed to allow the country’s refineries to circumvent the Western sanctions against Iran. The oil insurance pool has been designed by the Indian government…

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Oil insurance fund delays shrink Indian imports of Iran crude

H. Cutner
oil insurance news

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…

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