Economy, Business And Markets

European Insurers Prepare for Return

European Insurers Prepare for Return European Insurers Prepare for Return

The Lloyd's of London insurance market said on Monday that from a European Union perspective its managing agents can now provide insurance and reinsurance for the transportation of Iranian oil and petroleum products, following the lifting of sanctions.

However, it added that some restrictions on U.S. trade remain in place, Russia Today reported.

 Ali Akbar Safaei, the managing director of National Iranian Tanker Companyhad said earlier that Iranian oil vessels would carry cargos under the certification of the international classification institute Lloyd's Register.

The news comes after decade-long sanctions on Iran were lifted after the  nuclear deal between Tehran and the US along with five other big powers struck in July came in to effect at the weekend.

"The US has also lifted sanctions on Iran regarding the oil and shipping sectors, although principally this relief targets non-US persons conducting business with Iran," Sean McGovern, Lloyd's chief risk officer, said in a market bulletin.

"With a few exceptions, the general US trade embargo on Iran remains in place and US persons remain prohibited from conducting most business with Iran."

Swiss Insurer

Zurich Insurance also said on Monday it welcomed the lifting of Iranian sanctions and would look into insurance cover for corporate customers doing business with Iran.

"We welcome the new developments in Iran and will explore how we will support our corporate customers in managing their Iranian exposures to the extent permitted by the revised sanctions regime," a Zurich spokesman said.

According to the Central Insurance company of Iran, several foreign insurance firms including Munich RE, Swiss Re, Tokio Marine, SompoNasco Insurance Group have expressed interest in the Iranian market.