Live Insurance News

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…

Insurance news from Iran shows crude exports rising

November 16, 2012April 30, 2013

Despite Western sanctions there has been an increase of approximately 70,000 barrels per day (bpd). The October insurance news out of Iran has shown that even though the American and European Union sanctions are still in place against covering oil exports from Iran, their exports still increased by about 70,000 barrels per day, reaching 2.7 million bpd that month. This shows that the Western bans are not having the intended impact on the country. Over the two previous months, the Iranian crude exports spiked to 1.3 million bpd from having…

Oil insurance allows South Korea to prepare for its second Iranian shipment

September 26, 2012September 26, 2012 H. Cutner

SK Energy has already loaded another cargo of crude from Iran. The largest refiner in South Korea, SK Energy, is taking advantage of the relatively newly available oil insurance to load its second crude cargo from Iran, skirting the coverage ban from the European Union that brought the shipments to a standstill for nearly two months. Two million barrels are being shipped in this second run, while avoiding the sanctions. The oil insurance was provided by Iran, itself, making it possible to step around the problems that had previously halted…

Iran oil insurance to resume covering shipments to India

August 16, 2012April 30, 2013

This is the latest step taken in Asia to sidestep the EU sanctions on the coverage. India has now become the latest country in Asia to offer tankers Iran oil insurance through a government backed program in order to get around the sanctions against the coverage that have been put into place by the European Union and that have cut the exports from the Middle Eastern country nearly in half. Japan has already been providing its own shipment protection through its government. The very first ship to take part in…

Oil insurance sanctions in full force against Iran

July 30, 2012July 29, 2012 Nordstrom

Tehran is now ready to dodge the problems that the lack of tanker coverage had caused. The oil insurance sanctions against Iran that have been put into place by the European Union had been putting a stop to a large number of the crude exports from that country starting on July 1, but it has now built a new effort to insure its own tankers to sidestep the coverage issues. Iran is preparing to work around the coverage obstacles. The country has set aside billions of dollars so that it…

Iran oil insurance offered by Tehran to South Korea

July 23, 2012July 23, 2012 Julie Campbell

Officials in the Middle Eastern nation are working to get around the EU bans. Iran oil insurance for tankers carrying crude from the country’s ports has been offered to South Korea, for accident coverage with a maximum of $1 billion. Iranian officials have made this effort to help skirt the coverage bans from the European Union. South Korea, through Hyundai Oilbank and SK Innovation, are currently considering this offer, say officials from both of those countries. These two businesses also have complete ownership over the other refiner in the country,…

Iran oil insurance sanctions may not stop the country’s exports

July 13, 2012April 30, 2013

Tehran has discovered a number of ways to work around the embargo. Tehran has now developed several different ways to reduce the impact of the Iran oil insurance embargo on tankers shipping crude from that country. The Middle Eastern nation has been working hard to decrease the impact of the E.U. sanctions. The European Union, as well as the United States, have made several efforts in order to significantly limit the ability for crude to be exported, by holding an embargo on the shipments as well as banning Iran oil…