The leading insurer “Iran Insurance Company” paid 94 million euros to Bou-ali Petrochemical Company alone in what is seen as the largest compensation in the history of the country’s insurance industry. The insurance firm led a consortium involving other partners including Asia, Alborz, Parsian, Dana, Saman, Karafarin, Iran Moein, Mellat, Mihan and Dey.
That, however, was not the only massive damage. In another major case, the same company had to pay 18 cheques each worth 280 billion rials to the families of the victims of a recent flood in the country’s Azarshahr Town.
Other leading firms have also paid similar amounts to the victims of the Plasco high-rise blaze and collapse in Tehran as well as the Semnan-Mashhad deadly railway incident.
The director of Iran’s Central Insurance Company says such payments indicate the support the country’s insurance industry is committed to offering to national assets, while also raising the alarm on the urgent need to boost Iran’s risk management to reduce the level of the compensations.
Sara Haghighivand, a member of the Iranian Professional Insurance Industry Association made the same assertion in an interview with IBENA. According to Haghighivand, for insurance deals involving extremely large assets, the company experts should make regular visits to the locations prior to the signing of the deal and while the contract is in force, during which they offer the necessary safety recommendations to the clients to dramatically reduce the risks and thus the monetary loss incurred by the insurers.
