Munich Re is considering plans to provide its insurance services to Iran following sanctions relief at the beginning of the year, according to Iranian news broadcaster Press TV.
The decision to lift the most stringent sanctions on Iran may have been greeted by celebration, but many insurers are finding the remaining restrictions still make doing business there an unattractive proposition.
Banks' reluctance to process payments is a major barrier for insurers wanting to conduct Iran-related business following European Union sanctions relief last month, while legal research has found remaining US primary sanctions are quelling the appetite...
South Korea has agreed a $2bn (£1.4bn) contract with Iran for trade insurance financing.
Lloyd's of London has confirmed this week that its managing agents can offer cover for the transportation of Iranian oil and petroleum products again.
Non-US owned insurance companies may look to steal a march on their competitors if sanctions prohibiting trading with Iran are not lifted simultaneously by all countries.
A tentative nuclear deal between Iran and six global powers could see the embargo against insuring and reinsuring entities from the pariah state lifted.
The possible relaxing of sanctions against Iran offers a tempting source of new business but insurers must remain vigilant when considering entering into business arrangements with the state, international lawyers have warned.
Four US insurers have been subpoenaed by New York’s Department of Financial Services as part of its investigation into potential sanctions breaches involving Iran.
European Union insurers can now offer protection on Iranian oil exports after sanctions were relaxed yesterday as part of the joint agreement between a group of six nations and Iran.
The weekend agreement between Iran and the West over its nuclear capabilities could give a short term boost to oil exports as insurance coverage could be extended quickly.
Sanctions over Iran's nuclear threat from the US and EU have crippled Japan's oil imports from Iran. Other major customers also cut imports.
The government owned insurer has warned that an energy insurance pool to cover oil imported from Iran might not be sufficient.
A powerful 7.8 magnitude earthquake struck Iran in the province of Sistan Baluchistan which has a large border with Pakistan on 16 April.
South Korea is the latest country to struggle to find insurance for oil imports from Iran after tough EU and US sanctions.
An magnitude 6.3 earthquake struck 55 miles southeast of Bandar Bushehr near Iran’s southwest coast on April 9.
Despite EU and US sanctions and lack of insurance cover, a Chinese tanker transported fuel from Iran last month.
India’s government is rumoured to be establishing a multi-million-dollar insurance pool to support local insurers giving coverage to refiners processing Iranian crude oil.
Despite western sanctions on Iran, the Indian government will step in to make sure its oil refineries have sufficient insurance so they continue refining crude oil imported from Iran.
The National Iranian Tanker Company has chartered a vessel covered by India's state-owned insurers, taking advantage of a loophole in the policy.
Iran's vice president Mohammad Reza Rahimi has dismissed EU and US sanctions as futile, saying that Tehran has turned the threats into opportunities for the country's insurance sector.
In July the European Union put in place sanctions designed to limit the provision of insurance to the Iranian crude oil sector. Francesca Nyman takes a look at how the market reacted and asks if insurance is still available.
The Lloyd's Market Association has sought reassurances from the UK government after concerns that insurers could fall foul of EU sanctions by insuring vessels that have inadvertently taken on Iranian oil as fuel.
The top five Asian news stories on www.insuranceinsight.com over the past seven days.