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Source: Insurance News
July 27, 2010
Lloyd’s of London will not insure or reinsure petroleum shipments going into Iran, the insurance market said, in another blow to the Islamic Republic from wide-ranging US sanctions.
US President Barack Obama signed into law new sanctions that aim to squeeze Iran’s fuel imports and increase its international isolation.
“The US is an important market for Lloyd’s and, in recognition of this, the market will not insure or reinsure refined petroleum going into Iran,” Lloyd’s General Counsel Sean McGovern told Reuters in a statement.
“Lloyd’s will always comply with applicable sanctions,” McGovern added.
Iran is the world’s fifth biggest crude oil exporter but previous US sanctions mean it has suffered from lack of investment in refineries, forcing the Opec member to import some 40 per cent of its gasoline needs.
Iran has already found it harder to secure trade finance. A number of oil companies, trading houses and other international companies have stopped doing business with it this year fearing they may be in breach of US sanctions.
An industry source told Reuters oil major Royal Dutch Shell will not renew its contracts to supply Iran Air with jet fuel in response to pressure.
Louise Nevill, head of marine at Talbot Underwriting, said Iran would find it tougher to get insurance cover.