Economy, Business And Markets

Insurance Co. Denies Failure to Meet Commitments

Insurance Co. Denies Failure to Meet Commitments Insurance Co. Denies Failure to Meet Commitments

A deputy manager of Moallem Insurance Company has rejected an allegation that his firm has failed to meet its commitments in covering losses for pensioners and recipients of life and retirement insurances.

"As an example," Saeed Givehchi, the company's life insurance deputy, said, "we paid nearly $30,000 in compensation for the death of a captain."

Citing Givehchi, Bina news website said the late captain, Soheil Soleimani, used to work for the Islamic Republic of Iran Shipping Lines (IRIS). He lost his life in a climbing accident in October 2014.

Givehchi explained that the inrurance firm issued 4,000 marine insurance policies for IRIS workers including the late Soleimani.

"The original compensation for the death of the insured is $7,800 but because Soleimani's death caused by an accident, that amount tripled and with the added benefits for his family it reached more than $30,000."

He noted that Soleimani had paid his life insurance premium for only nine months and that the whole compensation process took place in the shortest time.

 Gain and Loss

Another manager of the company commented on the insurer's performance in the past couple of years.

Mohammad Habibi, the cargo and marine insurance deputy, said they paid $1.34 million in compensation to owner of Volga Ship, which ran aground in the Suez Canal in 2013, causing heavy damages to the vessel.  

The ship was owned by Iran Maritime Engineering Services, which pays "$150,000-$200,000 in monthly premiums" to Moallem Insurance Company, he noted.

In another incident, the Eglantine -- an Iranian flagged ship -- was attacked by pirates in the Gulf of Aden. It received a combined $1.5 million to redress the damages to the crew and the ship's hull, the news website said, citing Habibi.

In a third case, a watercraft – Parmida – lost her generators en route to China and was entitled to $280,000 in repairs.

In the last fiscal year, which ended March 20, the insurance company made $5 million in premiums while it paid its customers $2.2 million in compensation, according to the manager.