Iran sanctions News

International Insurers Still Reluctant to Provide Cover for Iran Oil Cargoes

Oil companies looking to steal a jump on rivals in the race to benefit from Iran’s emergence from Western sanctions risk having tankers left in limbo by international insurers’ continued reluctance to provide cover. While companies jockey for position after …

Gasoline Imports Easier to Insure than Crude Exports in Post-Sanctions Iran

Major oil firms and trade houses are gradually resuming energy trading with Iran but efforts remain very cautious and often face huge legal obstacles, meaning a post-sanctions return to full-scale activity will take weeks if not months. Trading sources told …

Insurance Placement Difficulties Delay Iranian Crude Exports to Europe

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month …

Global Insurers Explore Opportunities in Iran; Market Worth Premiums of $7.4B

Global insurance firms are circling Iran for business opportunities following the lifting of sanctions – and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the …

National Iranian Tanker Co. Close to Obtaining New Insurance for Crude Exports

The National Iranian Tanker Co. is close to obtaining new insurance needed to boost crude exports and resume trade with old customers after four years of sanctions. NITC has been negotiating with foreign organizations for the past six months to get its …

Marine Insurers Cautious About Re-Entering Iran, Despite Lifting of Sanctions

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted. A nuclear deal between …

Factbox – International Firms Rush to Establish Position in Iran as Sanctions Lift

Major international companies are rushing to establish a position in Iran as the Islamic Republic re-opens for business after the lifting of international sanctions. Up for grabs is access to a market with 80 million people and annual output of …

Insurance and Safety Issues Delay Iran’s Entry into Global Oil Tanker Market

Even after Western sanctions are lifted, Iran’s oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients. Iran’s …

Switzerland Is 1st Nation to Lift Iran Sanctions; Re/Insurer Policies Affected

Switzerland is lifting sanctions against Iran after the Gulf state sealed a historic accord with world powers to curb its nuclear program. The move on Wednesday made it the first nation to remove sanctions since the July 14 deal, which …

A.M. Best: Sanctions Removal to Attract Re/Insurers to Iranian Market

The lifting of trade restrictions placed on Iran may present significant opportunities for the Middle East and North African (MENA) re/insurance market, with European participants also expected to re-engage and seek a foothold in the country, according to research published …