Live Insurance News

Oil insurance pool for Iranian crude expected for India in December

November 15, 2013November 12, 2013 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…

Oil insurance fund delays shrink Indian imports of Iran crude

November 5, 2013November 2, 2013 H. Cutner

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…

Insurance news from India shows ongoing consideration of Iranian oil coverage

August 14, 2013August 12, 2013 Julie Campbell

Insurers from Iran have offered to provide cover for tankers transporting that country’s crude. The latest in the insurance news saga regarding Iranian oil tanker coverage, particularly when it is headed to India, is that Iran is offering to provide the coverage for the ships so that Indian companies will be able to accept it. However, the Indian companies still hold some reluctance as they do not want to expose themselves to sanctions. India has been considering adding an additional state guarantee of $327 million to this insurance news, to…

Insurance news watchers wonder if new Iran President will promote improvements

June 19, 2013June 17, 2013 G. Turner

Many are hopeful about changes from President-elect Hassan Rowhani, but others caution against wishful thinking. Iran has made insurance news headlines for over a year, since the world started preparing for the oil sanctions that were implemented in July 2012 prohibiting the coverage of Iranian crude. These headlines continued to be made as some countries found alternatives and while others found new oil sources. The insurance news that was from some of the country’s largest importers, such as India, China and Japan. Though some governments were able to create their…

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…

Oil insurance fund to be created in India for Iranian imports

April 6, 2013April 4, 2013 G. Turner

The money reserved will be used to cover the refineries that are processing crude from the Middle Eastern nation. India has announced that it is going to try to solve its own oil insurance problems by creating a fund that will be worth approximately $364 million (20 billion rupees) to provide coverage for the refiners that will be using Iranian crude. The crude from Iran is subject to sanctions from the West, such as the European Union, that has banned coverage. The E.U. has placed a ban on providing oil…

Oil insurance fund to be established in India for Iranian crude

March 26, 2013March 25, 2013 Julie Campbell

A new program is being designed to provide Indian refiners with the coverage that they require. India has now revealed that it has intentions to establish a special fund in order to give refineries the opportunity to obtain oil insurance coverage after reinsurers from the European Union refused to provide protection for units that process crude from Iranian sources. The country’s own insurers have refused coverage to the refiners as they could not obtain reinsurance. The reason is that the oil insurance companies within India were not able to obtain…