Insurer companies: “race for Iran oil could be false start”
Friday, 02 05 2016, Category: Insurance and Reinsurance, Country: Iran
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 world powers lifted curbs on Tehran's banking, insurance and shipping sectors last month as part of a nuclear deal with Iran, international insurers are no nearer to resolving concerns over U.S. sanctions that remain in place.
Lars Lange, secretary general of the International Union of Marine Insurance (IUMI), said insurers faced the risk of massive fines if they fall foul of existing measures.
"It all comes back to this basic principle that we have to be very, very careful with our steps," Lange told a news conference on Tuesday. "It is paramount that we comply with all sanctions."