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News number: 9106062884

12:33 | 2012-09-11

Economy

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Insurance Official: Iran Making Huge Earnings through Sanctions

TEHRAN (FNA)- Director of the Central Insurance of the Islamic Republic of Iran Seyed Mohammad Karimi downplayed the effects of enemies' sanctions on Iran's Insurance Industry, and said the country's insurance industry is earning hundreds of millions of dollars since the EU banned Iran's oil cargos.



"The illegal sanctions imposed on Iran's insurance industry are ineffective, and domestic insurance companies have insured oil tankers and petrochemicals carrying vessels up to the highest international standards," Karimi told FNA on Monday.

Karimi also said a consortium of Iranian insurance agencies is providing P&I (protection and indemnity) insurance to the Iranian tankers.

He further pointed to Iran's saved $700mln as a result of US ban on marine insurance coverage for Iran-bound oil tankers and said, "The sanctions have caused a big leap in Iran's insurance industry and currently domestic insurance companies are faring well in insuring oil tankers besides refineries and power plants."

"Domestic insurance companies are ready to provide coverage to foreign tankers operating in Iran's waters after the necessary permit is obtained from Iran's Oil Ministry and good negotiations are underway with the Oil Ministry to that effect," he added.

In relevant remarks a couple of months ago , a senior Iranian official voiced Iran's preparedness to provide insurance cover for all foreign and Iranian ships and oil tankers, in a move to push back the US-engineered EU embargos against Tehran, and said Iran has managed to break Europe's monopoly on the shipping insurance industry.

"The sanction imposed by the foreign insurance firms made us launch Iranian insurance of P&I and this has been gifted to us by the sanctions," Managing Director of the Islamic Republic of Iran Shipping Lines Mohammad Hossein Dajmar told FNA.

"Before this, the Europeans had the monopoly of shipping insurances and a few number of countries owned the insurance firms and coverage but we have now succeeded in starting Iranian shipping insurance through government's cooperation," he added.

European Union sanctions against Tehran have stopped European insurers, who dominate the marine insurance sector, from offering cover on Iranian crude.

But the lack of shipping cover has failed to disrupt the flow of Iranian oil to Iran's major customers in Asia - China, India, South Korea and Japan.