Asian Insurers See EU’s Iran Rules Curbing Oil Ship Cover

Chinese and Japanese groups that insure ships against risks such as oil spills said European Union sanctions limit their ability to cover tankers hauling Iran’s crude, raising speculation governments may intervene.

The Japan Ship Owners’ Mutual Protection & Indemnity Association and the China Shipowners Mutual Assurance Association are reinsured through the London-based International Group of P&I Clubs, meaning they are indirectly affected by EU sanctions approved Jan. 23, the organizations said. Both groups say they are the largest insurers for ships in their respective countries, the two biggest importers of Iranian oil.