Standard Club

"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...the UK's Standard Club said they were covering vessels trading to and from Iran, but did not say whether this related to Iranian shipping firms.." (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).