trending Market Intelligence /marketintelligence/en/news-insights/trending/0fh9phabaxudwun1kj202a2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Report: Indian insurance companies cease offering cover to Iranian goods

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report


Fintech Funding Flows To Insurtech In February

Report: Indian insurance companies cease offering cover to Iranian goods

Indian insurance companies have stopped providing cover for Iranian cargoes including crude oil as U.S. sanctions on the Middle Eastern country loom, The Indian Express reported.

Insurance sector officials said insurers New India Assurance Co. Ltd. and United India Insurance Co. Ltd. as well as reinsurer General Insurance Corp. of India, or GIC Re, have stopped offering cover to goods imported from Iran.

GIC Re relies on global reinsurers to hedge the risks of Indian insurers. But European and U.S. reinsurers have ceased giving any cover for Iran-related activities, making it difficult for Indian insurance companies to handle risks, according to the report.

Sources said Iran began providing insurance for crude oil export to India as European reinsurers no longer offer cover to companies importing Iranian oil, Financial Tribune reported.

In May, the U.S. withdrew from the 2015 Iran nuclear pact, indicating that sanctions suspended under the deal will be reinstated. The first U.S. sanctions on Iran will start Aug. 6, and the second set will begin Nov. 4, according to The Indian Express.