Japan could offer Iranian oil cover

May 24, 2012 by Adrian Hönig in  Baden-Baden Meeting

THE Japanese government is considering asking parliament to pass a law that would permit the government to offer insurance cover on Iranian oil imports, Japanese officials said today.

The aim would be for the law to be passed by the end of June, ahead of the July 1 deadline, when European reinsurers and insurers will stop offering protection for tankers carrying Iranian crude. Tanker owners could not go “naked” on their cargo even if they wanted to, because Japanese law requires shipping companies entering Japanese territorial waters to have in place liability insurance against oil spillage. Previously that cover had tended to be provided by the Japan P&I club, but the club has said that it can no longer offer cover of more than $8m on tankers if it is unable to obtain reinsurance protection from the London market. Nikkei

reported earlier this month that the Japanese government was looking at sovereign guarantees as a means of keeping in motion the already reduced Iranian oil flow.

 

 

Virginia lowers collateral requirements for alien reinsurers

Jun 14, 2012

Virginia is the latest of the growing list of states lowering collateral requirements for alien reinsurance companies in a bid to increase competition and reduce the cost of cover for direct insurers.

Scor profit holds up well

Mar 08, 2012

FRENCH reinsurer Scor has reported net income of €330m ($434m) for 2011, down from €418m in 2010, on gross written premiums of €7.60bn, up from €6.68bn the previous year.

Solvency II prompts Hannover Re legal status change move

Mar 14, 2012

Hannover Re will change its legal status from a German joint stock company Aktiengesellschaft (AG) to a Societas Europaea (SE), a European joint stock company.