Iran Economy NewsLloyd's of London backs US sanctions on Iran

Lloyd’s of London backs US sanctions on Iran

-

Daily Telegraph: Lloyd’s of London has warned companies it will not longer insure or reinsure petroleum shipments entering Iran.

The Daily Telegraph

Lloyd’s of London has warned companies it will not longer insure or reinsure petroleum shipments entering Iran.

By Jamie Dunkley, City Reporter (Insurance)

The world’s largest insurance market said it would comply with sanctions signed by US President Barack Obama last week. These aim to limit the Islamic Republic’s fuel imports and increase its international isolation.

The move is a further blow to Iran’s economy with a number of oil companies, trading houses and other international businesses already complying with the US sanctions.

Sean McGovern, Lloyd’s general counsel, said: “The US is an important market for Lloyd’s… Lloyd’s will always comply with applicable sanctions.”

Meanwhile, Richard Ward, Lloyd’s chief executive, has warned that insurance coverage for offshore oil rigs in the Gulf of Mexico is likely to rise between 15pc to 30pc after the BP Deepwater Horizon disaster.

Mr Ward told Bloomberg Television: “Prices will have to go up in the Gulf of Mexico. We’ve seen very low prices for covering these offshore installations over many, many years. People recognise that the risks they were pricing a while ago were underpriced and they need to restore pricing levels.”

Lloyd’s insurers were part of a syndicate that insured the rig owned by Transocean, which sank in April.

In May, the market said it was likely to pay out between $300m (£200m) and $600m in claims relating to the disaster – significantly less than the $3.6bn paid out after the explosion on the Piper Alpha oil platform in the North Sea in 1988.

Latest news

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Iran: Expensive Medicine, Cheap Human Life

A look at the equipment and weapons that the Iranian regime has been using against its people to suppress...

Who Is Abolqasem Salavati Iran Regime’s Killer Judge?

Last week, it was announced that the case of several people who were arrested during the Iranian People's uprising...

Iran Revolution Characteristics

More than two months have passed since the start of the latest round of protests in Iran against the...

Iran’s Regime Is Unable To Eradicate Protests

Totalitarian governments, whether be it a monarchy or a clerical regime, and their international supporters are pursuing the same...

Ten Percent of Iran’s Nation Is Ready To Sacrifice Itself for Freedom

According to estimates by the Iranian regime’s main opposition group, the People’s Mojahedin Organization of Iran (PMOI/MEK), more than...

Must read

Russia, Iran in joint venture for nuclear plant

AFP: Russia and Iran will establish a joint venture...

UN experts probe Iran-linked arms ship in Yemen

AFP: UN experts in Yemen on Sunday investigated an...

You might also likeRELATED
Recommended to you