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Strait of Hormuz crisis Sanctions Insurance

India’s maritime insurance pool won’t replace IG P&Is but will aid in uncertainty

  • The Hormuz crisis has forced India to diversify oil imports, with the latest waiver extension on Russian sanctions aiding in finding replacement barrels
  • An Indian insurance pool will allow continued imports of Russian barrels even if other insurers are unwilling to insure such voyages despite waivers
  • Policies have already been issued to provide Indian shippers and charterers with cover, though these are not directly tied to crude oil

  • Analysis

Counterparties may need time to accept the new pool launched by New Delhi. Reliance on traditional P&I clubs will remain, with the pool seen by industry experts as complementary

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This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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