Posts tagged: sanctions
Sanctions easing against Burma
25 July 2012
Posted in Blog
Tagged: Burma, Hull and Machinery, marine insurance, sanctions, trade
In light of recent human rights and democratic gains in Myanmar (Burma) – cemented by Aung San Suu Kyi’s success in April’s elections – there has been a considerable easing of Western sanctions. The US, the EU, Canada and many others have responded to the changing environment and as trade doors tentatively begin to open, [...]
Read more »Sanctions and Embargo against Iran
18 June 2012
Posted in Blog
Tagged: embargo, insurance, Iran, oil, reinsurance, sanctions
On 1 July 2012, Iran will see the new US sanctions and the EU Oil Embargo come into force, the combination of which will make it increasingly difficult to obtain insurance and reinsurance for any contracts that involve Iranian oil. US Sanctions The United States National Defense Authorization Act was designed to increase the pressure [...]
Read more »Iran Sanctions
30 January 2012
Posted in Blog
Tagged: Europe, Iran, oil, regulations, sanctions
As of 30 January 2012, the US has issued some important sanctions against a few major corporations and the EU has escalated its regulations on Iranian trade. Current US regulations allow tough measures to be taken against non-US entities involved in prohibited activities, wherever based, which include: the development of Iranian petroleum resources; assistance to [...]
Read more »Sanctions Update – Iran
7 December 2011
Posted in Blog
Tagged: insurance, Iran, reinsurance, sanctions
In accordance with EU sanctions, (re)insurance is prohibited for the benefit of Iranian persons, entities, and bodies. Imports of refined petroleum into Iran are also not permitted. Additionally, from 21 November 2011, any transactions (direct or indirect) and business relationships with all Iranian banks, including their branches and subsidiaries, and the Central Bank of Iran [...]
Read more »Sanctions update – Syria
7 December 2011
Posted in Blog
Tagged: marine insurance, reinsurance, sanctions, Syria
Current sanctions against Syria are predominantly targeted at certain SDNs and the country’s energy industry. (Re)Insurance related to crude oil and petroleum products are strictly prohibited, which also includes hull policies for tankers or any other vessel involved in such activities. International restrictions are constantly changing and updates provided are by no means exhaustive. If [...]
Read more »EU Sanctions against Syria
13 September 2011
Posted in Blog
Tagged: insurance, reinsurance, sanctions, Syria
On 2 September 2011, the EU stepped up its sanctions on Syria in response to the continued civil unrest. The Council of Europe has adopted Council Regulation (EU) No 878/2011 which amends Regulation 442/2011. The new sanctions prohibit the purchase, import or transportation from Syria of crude oil and petroleum products. The EU has also [...]
Read more »Libya Sanctions – update
13 September 2011
Posted in Blog
With effect from 2 September, the six port authorities in Libya that were subject to sanctions targets designated by the EU have now been removed from the Annex by Regulation (EU) No. 872/2011. The reason they are no longer subject to sanctions is that the National Transitional Council has affirmed its control over these entities.
Read more »EU Sanctions against Libya
25 July 2011
Posted in Blog
Tagged: Libya, ports and terminals, sanctions
On the 7 June 2011, the Council of the European Union agreed Council Decision 2011/332/CFSP which sets out their intention to freeze the assets of the following six port authorities in Libya (and which took effect on 17 June 2011): 1. Port Authority of Tripoli 2. Port Authority of Al Khoms 3. Port Authority of [...]
Read more »EU Sanctions against Iran
16 August 2010
Posted in Blog
Tagged: Europe, Iran, sanctions, shipping, trade
Following the CISADA sanctions, the UN, EU and UK have issued separate sanctions against Iran along similar lines. The EU sanctions ban European companies from investing in Iran’s oil and gas industries, while restricting trade and financial links including barring any European company from providing insurance services to Iranian entities. The EU sanctions go further [...]
Read more »Sanctions against Iran
9 August 2010
Posted in Blog
Tagged: insurers, Iran, sanctions
Earlier this year, the President of the United States signed legislation known as the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA). The sanctions prohibit the trade of petroleum products to Iran and seek to limit the provision of “goods, services, technology, information or support that could directly and significantly facilitate the maintenance [...]
Read more »Recent articles
3 September 2012
Have recessionary risks hindered the opportunities available to Asian marine insurers? And is the future a profitable one?
20 July 2011
What has changed in the marine insurance markets over the last year? And can Assureds expect to see these soft markets continue?
Blog
6 December 2012
In recent months, three insurers have pulled out of the Hull and Machinery market as competitive pressures and a year of substantial claims take their toll.
28 November 2012
At the recent Meeting of the Association’s board of Directors, the general increase to be applied to the advance call rates for the 2013 policy year was set at 5%.
Press releases
16 April 2013
INTTRA, the world’s largest multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks.
4 February 2013
Hyperion Insurance Group Limited, the international insurance intermediary group, and FP Group Limited (FP), the Hong Kong-headquartered specialist marine broking group, are pleased to announce their partnership today, with Hyperion taking a 55% stake in FP Group Limited.
Opinions
26 March 2009
26 November 2008