Live Insurance News

Oil insurance provided by India to refiners of crude from Iran

September 24, 2013September 21, 2013 H. Cutner

The country will be backing up its own coverage in order to allow refineries to open the doors to Iranian import. India has announced that it will be providing a sovereign guarantee of approximately $158 million (10 billion rupee) in order to back local oil insurance coverage for Indian refineries that are processing Iranian crude. This news was revealed by two government sources, saying that it is hoping to boost imports paid for in local currency. Iran has recently agreed to allow the country to pay for its crude imports…

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…

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 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 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…