Live Insurance News

Oil insurance expiration may cease Japan’s imports of Iranian crude

March 1, 2016February 28, 2016 G. Turner

The country has been providing its own cover for tankers making the shipments and this may not renew. This month will likely start the cessation of the importing of Iranian crude in Japan as it is allowing its self-provided oil insurance to expire and has not yet established a new way to cover the tankers. Japan first created its own special shipping insurance coverage to overcome prior sanctions against Iran. Since the oil insurance is set to expire with the close of March, the country will be ceasing its loading…

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…

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 sanctions from EU to ease against Iran next week

January 16, 2014January 14, 2014 Julie Campbell

Pending the go-ahead from the U.N nuclear watchdog changes will go into effect on January 20. The governments in the European Union are planning to implement relief to the EU oil insurance and other sanctions that were placed against Iran, on January 20, the day after a nuclear agreement goes into effect. This will mean that the Middle Eastern country will be able to find coverage for its crude exports. Following an accord from November 24, the E.U. will be implementing a six month suspension of the current bans on…

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…