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The European Union will lift a ban on insuring Iranian oil for a period of six months starting Jan. 20 2014, Reuters reported.
"We would welcome the relaxation," Andrew Bardot, executive officer of the International Group of P&I clubs, said.
Protection and Indemnity clubs said they would take a step-by-step approach to covering Iran's energy cargoes.
Insurance specialists said it will take time before insurers will be able to offer coverage.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
3. Zurich Insurance to stop underwriting new oil and gas projects
4. Bermudan, European reinsurers to suffer major hit from bridge collapse
5. Tycoon gets death sentence for multi-billion-dollar fraud
6. Inflation drives 10% increase in sum insured for windstorms