Live Insurance News

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…

Insurance news from Japan includes a rise in its Iran oil shipping coverage

February 25, 2013April 30, 2013

The increase in the maximum coverage is expected to be by 4 percent over 2013 through 2014. The latest insurance news out of Japan has been an expectation that the country will be increasing its maximum coverage for Iranian crude oil tankers by 4 percent, year over year. This will bring the maximum available coverage for the transport of the crude to Yen 635.9 billion. That insurance news figure is the equivalent of $7.8 billion under the most recent exchange rates that have been issued for use by the budget…

International insurance company formed by Iran for oil tanker coverage

December 28, 2012April 30, 2013

The country has launched the new coverage as its latest step to overcome Western sanctions. The European Union and the United States had placed sanctions against Iranian oil, including bans on coverage of oil tankers carrying crude from the country, but the nation is now expanding the protection that it is offering for these ships through the launch of its own international insurance company. This insurer will be providing coverage for the tankers that transport Iran crude worldwide. Rostam Qassemi, the Iranian Oil Minister, explained that the creation of its…

International insurance news from Iran includes update on sanctions impact

December 27, 2012December 27, 2012 Julie Campbell

The Middle Eastern country is indicating that the worst outcomes of the bans have now passed. The latest international insurance news out of Iran has shown that the sanctions that have been placed on the country’s shipping and energy sectors by Western nations, and which had been causing significant struggles for its oil industry earlier in the year, are not having the impact they had earlier in the year. The Iranian Oil Minister, Rostam Qasemi, explained that the country has all but overcome the impact. Although it is standard procedure…

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…

Insurance news from India halts Iranian oil shipments

October 25, 2012October 25, 2012 Julie Campbell

Chennai Petroleum has announced that it will no longer be processing crude from Iran. An insurance news announcement from Chennai Petroleum in India has stated that the company will no longer continue with its processing of crude from Iran after its coverage for the oil supplies was lost. Industry sources say that an Iranian firm owns a stake of Chennai Petroleum, reducing imports from other nations. Every day, the plants at Chennai Petroleum will refine 230,000 barrels of crude. This makes up approximately 5.4 percent of the entire refining capacity…