Mike Salthouse

Most insurance companies or banks will not be able to deal with the Iranian flag as it is in effect dealing with the Iranian state.

For even a routine claim, I expect it to be quite difficult to process the payment for Iran, because sanctions are enforced so robustly, everyone is acutely aware of their obligations and there is a huge amount of caution in dealing with anything Iranian.

There will be a time period whilst all financial services and businesses sit there and work out what the opportunities are, what the risks are before re-engaging, some of the teething issues will need to be worked through.

There is probably less appetite for risk in the world today than in 2010 and we are all much more aware of the risks presented by any jurisdiction that presents compliance-type issues.