Live Insurance News

Oil insurance between India and Iran hits delay

October 10, 2013October 8, 2013 Julie Campbell

oil insurance news Iran imports stopped from india

This has led the container and crude trade between the countries to experience a considerable disruption. Uncertainty over oil insurance coverage has caused crude and container trade between India and Iran to grind to a halt in some areas and face massive disruptions in others, as certain ships now find themselves stranded outside the ports of both of those nations. These delays have happened as a result of the lack of approval from New Delhi regarding the Iranian coverage. The Indian approval had not yet been granted to Iranian underwriters…

Oil insurance sanctions still affecting South Korean Iran crude imports

October 3, 2013October 1, 2013 H. Cutner

The country had imported 1.97 million barrels per day throughout the month of August. The latest reports regarding the impact of the oil insurance sanctions from the west on Iran regarding the crude that leaves that country’s shores have indicated that South Korea did import 1.97 million barrels per day of Iranian crude throughout the month of August. When compared to the figures from August 2012, this is notably higher, only because the country imported nothing. The oil insurance sanctions had only just gone into effect at that time last…

Insurance news regarding Iranian oil imports moves forward in India

August 16, 2013August 13, 2013 G. Turner

HPCL has announced that it will begin importing crude from Iran when the coverage issue is resolved. The State owned Hindustan Petroleum Corp Ltd (HPCL) has made insurance news headlines by announcing that it will begin importing one million tons of Iranian crude during this fiscal year, provided that the coverage issues for processing that company’s oil are resolved. This will represent a contract that is only half of what it was last year, but it is far more than the current standstill. HPCL, like a number of other refiners…

Oil insurance limitations reduced Japan’s Iranian crude imports in April

June 4, 2013June 1, 2013 G. Turner

Compared to a year ago, the shipments have plummeted to a tiny sliver of what they used to be. As oil insurance sanctions from the European Union and the United States against Iranian crude transportation continue to press on, the size of the imports to Japan have shrunken enormously. When compared to what they had been in April 2012, they were 96 percent smaller in April 2013. Year over year, there has been a reduction of 96 percent in the crude imports to Japan from Iran as a direct result…

Oil insurance offered by Iran to India refiners

May 30, 2013May 28, 2013 G. Turner

In an effort to boost the sales of crude, Tehran is now offering coverage to Indian refineries. Iran has just offered to provide Indian refiners with oil insurance in order to try to increase its sales of crude, as Tehran seeks out new ways to reduce the considerable impact it has suffered from the revenues drop that resulted by strict sanctions from the European Union and the United States. The sanctions from the E.U. and the U.S. have slashed away at Iran’s ability to sell crude. These sanctions were specifically…

Oil insurance being prepared by Iran for its tankers

April 24, 2013April 22, 2013 H. Cutner

Still trying to recover from the bans in place by the E.U. and U.S. against the coverage and reinsurance. The president of the Bimeh Markazi (Central Insurance) Company in Iran has just announced that Tehran is now prepared to being providing oil insurance to tankers that are transporting crude from the country. They are taking this step as a preemptive step in case the western government sanctions are tightened. Though there are already oil insurance sanctions imposed by the European Union as well as the United States, the country is…

Insurance news from India ensures Iran crude coverage

February 14, 2013February 13, 2013 H. Cutner

Indian refiners that are running Iranian oil will be able to cover themselves through the government. The Indian government made insurance news on Wednesday that refiners will be able to find coverage for plants that are running crude that was sourced in Iran, helping to assuage some of the concerns that imports made from that Middle Eastern country would need to cease. The worry has been based on the sanctions that have been applied to coverage of Iran’s crude. Hindustan Petroleum Corp, a refiner run by the state in India,…