All Petchem shipments from Iran insured: Official

SHANA – A senior Iranian insurance officials said all the exported petrochemical cargoes from Iran are covered by insurance.

Governor of Central Insurance of Iran (CII) Abdolreza Hemmati said most of the exported petrochemical shipments from the country have the protection and indemnity (P&I) insurance cover while others are insured by domestic companies.

Hemmati underlined the positive collaboration of insurance companies with petrochemical producers in the country, adding, “There are no problems in insuring petrochemical shipments from Iran and the current status of exports is acceptable in the sector.”

He said Iran’s insurance industry managed to work out solutions to safeguard the country against the sanctions and could prevent many of their negative outcome, NIPNA reported

Hemati noted that one of these solutions was the creation of P&I cover and devising a mechanism of opening special accounts to circumvent the sanctions.

According to the head of the Central Insurance of Iran, strengthening the country’s insurance industry’s ability to cover the risks of the sanctions and strengthening insurance relationship with developing countries is another solution to deal with some restrictions.