Economy

“The sanction imposed by the foreign insurance firms made us launch Iranian insurance of P&I”:Dajmar

Managing-Director of Iran’s Razi Insurance Company Younes Mazloumi voiced his company’s readiness to provide insurance cover for the oil tankers which carry Iranian oil.

Speaking to FNA on Wednesday, Mazloumi said that Razi is currently working with Iranian oil ministry’s companies and is active in the oil and gas sector.

“As regards providing insurance cover for oil tankers in times of sanctions, we have also voiced our preparedness to provide part of the share for oil tankers’ insurance,” he stated.

“We are ready to join the consortium of domestic companies in this field,” he noted.

Late in July, Iran set up a domestic consortium to provide insurance cover for the oil tankers which carry Iran’s oil for exports.

Iran has also voiced preparedness to provide insurance cover for all foreign ships and oil tankers.

Also in July, 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 at the time.

“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.

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