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More steps needed to freely insure refineries importing Iranian crude

Posted On: Jan. 20, 2016 12:00 AM CST

The lifting of Iranian economic sanctions by the United States is positive news for Indian insurers but a few more steps are still needed before firms can freely take insurance for Iranian oil imports, Business Standard reported.

Insurers said that although the demand for covers for crude oil importers will be back now, there will be availability of reinsurance capacity only after the United Nations lifts its sanctions on Iran.

European reinsurers are also yet to lift the sanctions and they would do so only after the United Nations does it, said an official.

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