Insurance news from Japan includes a rise in its Iran oil shipping coverage

oil Insurance News

The increase in the maximum coverage is expected to be by 4 percent over 2013 through 2014. The latest insurance news out of Japan has been an expectation that the country will be increasing its maximum coverage for Iranian crude oil tankers by 4 percent, year over year. This will bring the maximum available coverage for the transport of the crude to Yen 635.9 billion. That insurance news figure is the equivalent of $7.8 billion under the most recent exchange rates that have been issued for use by the budget…

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Iran oil insurance offered by Tehran to South Korea

iran international insurance news

Officials in the Middle Eastern nation are working to get around the EU bans. Iran oil insurance for tankers carrying crude from the country’s ports has been offered to South Korea, for accident coverage with a maximum of $1 billion. Iranian officials have made this effort to help skirt the coverage bans from the European Union. South Korea, through Hyundai Oilbank and SK Innovation, are currently considering this offer, say officials from both of those countries. These two businesses also have complete ownership over the other refiner in the country,…

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Major Chinese ship insurance company to cease Iranian oil tanker coverage

Commercial insurance market for oil tankers tightens A major insurer of Chinese ships has announced that, starting in July, it will be stopping its indemnity coverage for tankers that are transporting Iranian oil. This has dealt another blow to the tanker companies that carry oil – the main export of Tehran – from the Iranian capital, and has further narrowed the coverage options available in a market that has already been pinched by payment barriers put in place by sanctions in the West. As the number of Western sanctions increase…

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Price of Iranian oil expected to spike from ship insurance ban in European Union

According to sources in the insurance industry, a ban is widely forecasted to begin on European insurance coverage for exports of oil from Iran beginning on July 1,2012, and is threatening to restrict shipments from that country, causing costs to rise for large purchasers such as South Korea and Japan. The European Union created a partial exemption from its embargo last week for some insurance companies that cover Iranian oil, until July. Next month, the ministers in the EU intend to go over whether or not those exemptions will be…

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