Global insurers are taking stock of how the US withdrawal from the 2015 international nuclear agreement with Iran could affect them, and rethinking their dealings in Iran, reported Reuters.
Global insurance broker Arthur J Gallagher & Co (AJG) said it will continue to monitor developments following the US withdrawal from the Iran deal, while Zurich-based Swiss Re said it is “assessing the impact” of the US decision on its business.
AJG, based in Illinois, has British and Norwegian subsidiaries that have brokered insurance and advised clients on activities related to Iran’s oil and gas industry, as recently as the 2018 first quarter, according to a filing.
AJG subsidiaries have helped clients obtain insurance and reinsurance for a variety of activities in Iran. They include transporting oil and gas to and from Iran and operating vessels that provide support to offshore oil platforms that supply Iran with oil, according to the filing.
“Whatever the decision from the US administration, we will take appropriate action in compliance with all applicable laws as is our customary practice,” an AJG spokeswoman said.
German insurer Allianz also said it was preparing to wind down Iran-related business due to possible US sanctions.
“We are analysing our portfolio to identify Iran-related business,” an Allianz spokesman said in an email statement, calling it “totally minimal”.
Allianz is also “waiting for and will consider any guidance that the EU and the German government may provide”, he added.
A Lloyd’s of London spokesman said the organisation is also reviewing the implication of “re-imposition of previously suspended US sanctions against Iran and will issue guidance to the Lloyd’s market in due course”. M