Insurance for crude oil importers from Iran to take time

While oil companies were asking for a cover of Rs 9,500-11,000 crore, the government offered only Rs 2,000 crore

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The US has lifted its economic sanctions on Iran. While this is positive from an insurance perspective, some more steps are required before companies can freely take insurance for crude oil imports. G Srinivasan, chairman and managing director of New India Assurance, termed this a positive development given the difficulties Indian insurers used to face to insure refineries importing Iranian crude. “Now, we will get capacity from reinsurers and even Iranian reinsurers could come forward to provide a cover,” he said. In 2013, when Iranian crude importing ...