Following digitizing plans for the insurance industry, the Central Insurance company of Iran Monday unveiled new supervisory platforms for the transport and fire insurance categories.
The CII says it is hopeful the two platforms can help combat smuggling.
According to the CII president, Gholamreza Soleimani, as of Monday all transport and fire insurance policies should have a distinctive code that will be given by the new platforms, the CII website quoted him as saying.
"For transport insurance, the special code emerges automatically after receiving confirmation from the National Trade System and the Headquarters to Combat Smuggling of Goods and Foreign Exchange," he said.
Owners of the cargo and the warehouse where the goods are destined should also have transport insurance.
An estimated 54 trillion rials ($234 million) in contraband was confiscated by the Islamic Republic of Iran Customs Administration and other organizations fighting smuggling, including the Law Enforcement Forces in the last fiscal year (March 2019-20).
The official said fire insurance cover for goods in warehouses is only valid if it has the newly announced code. "The code is provided after relevant authorities confirm that the cargo is not smuggled or illegal."
The process of digitizing insurance procedures began in May when the CII ordered insurance companies to switch personal auto policies into electronic format.
Insurance companies were required to transfer the process of sale, renewal, and issuance loss payments of personal auto policies to an online platform.
"The aim is to gradually digitize operations of insurance companies in all categories," Soleimani added.
Iranian insurers generated 210 trillion rials ($913m) selling insurance policies in four months to July 22. Almost 105 trillion rials ($456m) was paid in claims in the said period.
CII data shows that fire insurance premium increased by 30% last year. This category now accounts for 4% of insurers’ total premium income.
