Steamship Mutual


"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...Jonathan Andrews, director and head of eastern underwriting with Britain's Steamship Mutual, said it was insuring ships for Iranian tanker operator NITC and also for Iranian cargo ship operator IRISL.'We have a long history of insuring Iranian ship owners,' Andrews told Reuters. 'We are happy to be insuring our former members again.'" (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).