Shipowners and charterers who are considering trading to Iran should understand that P&I cover for such trade is unlikely to remain in place where there is a risk that providing insurance risks the imposition of sanctions by the US. (“US sanctions on Iran – Announcement by President Trump on 8 May 2018,” Skuld, May 25, 2018.)


"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...Iran is in more active talks with insurers to provide cover in a market valued at $9 billion overall last year and potentially double that in the next decade. Western companies need insurance in order to resume business with Iran. Shipping and trade credit insurance, which remove the risk of non-payment for goods, are the first types of insurance being offered...Norwegian ship insurer Skuld said it was in discussions with IRISL, while it was already insuring NITC ships." (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).


"The Islamic Republic of Iran Shipping Lines (IRISL) and Norway’s SKULD marine insurance company signed a memorandum of understanding (MOU) in the field of shipping insurance, IRIB news agency reported on Thursday. Based on the MOU, the Norwegian company will provide IRISL with different kinds of sea insurances and handle the complaints pertain to the insurances. SKULD will also cooperate with IRISL regarding training of personnel and upgrading knowledge and capabilities of the Iranian experts." (August 20, 2016).