In­sur­ance plan avoids US firms

The Star Early Edition - - INTERNATIONAL -

GLOBAL ship­ping in­sur­ers had de­vised a way to en­sure nearly full cov­er­age for Ira­nian oil ex­ports from next month after strik­ing a deal to pro­vide cover with­out in­volv­ing US-domi­ciled re-in­sur­ers, of­fi­cials in Tokyo and Lon­don said. The re­luc­tance of US firms to han­dle Ira­nian goods had greatly lim­ited the num­ber of re-in­sur­ers of car­goes, but the new ar­range­ments – which al­low re-in­sur­ance of ships with­out in­volv­ing US firms – should boost the num­ber of el­i­gi­ble ship­ments. That will pro­vide a boon to Iran, try­ing to raise oil ex­ports after most sanc­tions were lifted last year, though bank­ing re­stric­tions still re­main in place. An­drew Bar­dot, the sec­re­tary and ex­ec­u­tive of­fi­cer at the In­ter­na­tional Group (IG) of P&I Clubs, said: “There will be no US-domi­ciled re-in­surer par­tic­i­pa­tion on the 2017 IG re-in­sur­ance pro­gramme.” The new ar­range­ments would take ef­fect on Fe­bru­ary 20, he and other of­fi­cials said.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.