Live Insurance News

Shipping insurance ban may not have an impact on the oil market

June 19, 2012 Nordstrom

Sanctions loom but analysts suggest a modest impact In approximately two weeks, the European Union will enact sanctions against Iran that will ban insurance companies from providing coverage for ships carrying oil that was produced in the country. The sanctions have proven to be a controversial topic for many countries that rely heavily on the oil produced in Iran. They have also managed to catch the ire of the shipping insurance industry, 95% of which is based in the United Kingdom. Insurers and politicians have argued that the sanctions will…

Armed guards could cut marine insurance costs

May 14, 2012May 22, 2012 S.Vagus

Marine insurance gaining attention due to EU sanctions As marine insurance continues to grab attention in the world of insurance news – with interest being fueled by the political standoff between the European Union, the U.S., and Iran – one United Kingdom-based insurance broker believes there may be a way for shipping companies to attain affordable coverage despite sanctions. Iran is currently facing sanctions from the EU in regards to oil shipments. According to these sanctions, insurance companies would not be allowed to provide coverage for cargo ships that are…

India seeks alternatives to European maritime insurers as EU sanctions on Iran loom

March 1, 2012March 1, 2012 S.Vagus

As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…