Tag Archives | insurance

Iran Offers India Oil Cargo Insurance, Ships

Iran is offering to insure oil cargoes to India after some local insurers stopped providing the service in the face of impending US sanctions, industry sources said, a move that would help Tehran continue supplying its second-biggest oil client. Several refiners in Asia, Iran’s key market for oil sales, are gradually reducing the amount of […]

SCOR agrees CAT Excess of Loss Deal with Iran

By John Lee. French-based global reinsurance company SCOR has reached an agreement concerning “CAT excess of loss in Iranian insurance market.” The deal was finalised at a meeting in Paris between Dr. Abdolnaser Hemmati, the President of Bimeh Markazi Iran (Central Insurance of IR Iran), and Victor Peignet, Chief Executive Officer of SCOR Global P&C. […]

Germany’s Hermes to Guarantee Iranian Investments

By John Lee. Germany’s Hermes Insurance has reportedly said it is willing to provide insurance coverage for investment projects in Iran, especially in the energy and power sectors. According to Mehr News Agency, the announcement was made at a joint meeting between Iran’s Foreign Minister Mohammad Javad Zarif and German Minister for Economics and Energy […]

Global Shipping Insurers to Cover Iran’s Oil without US

Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month, a report said. An official in London told Reuters that global shipping insurers will provide cover to Iran’s oil exports without involving US-domiciled reinsurers. “There will be no US-domiciled reinsurer participation on the 2017 IG reinsurance […]

Germany’s Munich Re eyes Iran Market

By John Lee. The President of Central Insurance of Iran has said that Germany’s Munich Re, the world’s biggest reinsurance company, is considering providing its services to Iran. During a visit to Germany to discuss the prospects of post-sanctions investment opportunities in Iran by insurance companies, Abdul-Nasser Hemmati emphasized that top officials from Munich Re […]

Western Insurers Target Iran

By John Lee. Reuters reports that Iran is in active talks with insurers to provide cover in a market valued at $9 billion last year, and potentially double that in the next decade. This is despite the fact that Iran has secured ties with only a limited number of smaller banks as U.S. sanctions remain […]

Japanese Traders Eye Iranian Oil

Reuters reports that Japanese traders are looking to resume oil imports from Iraq, possibly by the end of this year. According to the report, Japanese firms have so far avoided Iranian crude due to a lack of internationally acceptable insurance coverage, but are looking at ways of using cover provided by the Japanese government. Buyers […]

Iran, Norway Ink MoU on Insurance Services

Iran and Norway signed a memorandum of understanding (MoU) to boost cooperation between the two countries in various fields of insurance. Officials of the Export Guarantee Fund of Iran (EGFI) and the Norwegian Export Credit Guarantee Agency (GIEK) inked the agreement to cooperate in diverse fields, including common insurance coverage in third countries, reinsurance, and […]

Will Leaked Payslips Scandal bring down Rouhani?

By Fereshteh Sadeghi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The trickle of leaked payslips of executives at state-controlled banks and insurance companies in Iran has become an avalanche, claiming careers and threatening the prospects of President Hassan Rouhani only 11 months before the […]

Iran Settles €500m Debt to Germany’s Hermes

Iranian Ambassador to Berlin Ali Majedi said the Islamic Republic has cleared its debt to Germany’s Hermes insurance company. Majedi announced on Sunday that Iran has paid off its 500 million euros ($569 million) debt to Hermes, a German government arrangement that protects German companies if foreign debtors fail to pay. He added that the […]

UKEF Ready to Offer Insurance Coverage to Iran

UK’s trade envoy to Iran, Lord Lamont, has voiced the United Kingdom Export Finance (UKEF)‘s readiness to cooperate with Iran and offer insurance coverage to the OPEC member Asian country. Following a meeting with the British envoy in Tehran, Amir Hossein Zamaninia, deputy petroleum minister in international affairs and trading, said he discussed Iran’s future […]

Iranian Shipping Reinsurance raised to $580m

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil, resulting from the fact that U.S. reinsurers are still restrained by Washington’s sanctions. The International Group of Protection and Indemnity (P&I) Clubs has raised the reinsurance level for shipping Iranian crude to a maximum of $580 million per tanker, […]

Iran, New Zealand Sign Export Credit Agreement

Iranian Foreign Minister Mohammad Javad Zarif held a meeting with his New Zealand counterpart Murray McCully in Wellington on Sunday afternoon. Heading a high-ranking delegation, the top Iranian diplomat is in New Zealand as part of a tour of six countries in Southeast Asia and Oceania. In their meeting, Zarif and McCully stressed the need […]

China’s EXIM bank to fund Iran projects

By John Lee. The Export-Import Bank of China (EXIM) is set to provide funds for the development of the Iranian petrochemical and telecommunication projects, following an agreement with Iran’s Bank Tejarat. Bank Tejarat has reportedly announced in a statement that the next segments that could benefit from the scheme are the automobile industry as well […]

Partnership Agreement Strengthens UK’s Relationship with Iran

UK Export Finance (UKEF) and the Export Guarantee Fund of Iran (EGFI) have committed to enhancing trade and economic co-operation with a Memorandum of Understanding in a move designed to help British businesses export. Under the agreement, UKEF, the UK’s export credit agency, and EGFI, the Iranian state-owned credit insurance company, will work together to […]

Insurers Consider Services to Iran

The Central Insurance Company has issued a report on the situation of international communication with foreign insurance companies. According to the report, negotiations are underway between the IG international clubs and the US Department of Treasury to get permission for American reinsurers to provide insurance coverage to Iranian oil tankers. Meanwhile, a ban on the […]

Oil Shipping Insurance Issues will take Months to Resolve

The CEO of one of the world’s largest independent tanker firms says securing insurance for oil cargoes from Iran is likely to take another two to three months, potentially limiting Iran’s ability to quickly ramp up oil exports. Robert Hvide Macleod, chief executive of Norway’s Frontline, told investors: “We have not lifted anything yet, there […]

Lingering Sanctions ‘Negatively Impact Risk Appetite’

By John Lee. A report from law firm Clyde & Co suggests that the insurance industry is still feeling cautious about doing business in Iran because of lingering US sanctions. It said that 85 percent cent of respondents at London-based insurance companies said US sanctions “negatively impact their risk appetite for Iran-related business”. Chris Hill […]

Global Insurers “Circling Iran for Business Opportunities”

Reuters reports that global insurance firms are “circling Iran for business opportunities“, and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, reinsurers, and brokers are exploring ways to tap a market worth $7.4 billion in premiums; Allianz, Zurich Insurance, Hannover Re and RSA, for example, […]