Economy, Business And Markets

IIC Compensation for Hajj Victims

IIC Compensation for Hajj VictimsIIC Compensation for Hajj Victims

Iran Insurance Company (IIC) says it will pay 300 billion rials ($9 million) in claims by families of the victims of the recent disaster in Mecca, the company’s CEO Seyyed Abbas Husseini said on Monday.

In a meeting with IIC branch managers and provincial officials, he expressed condolences to all those affected by the deadly hajj incident in Saudi Arabia and said even though the insurance formalities are not yet complete families of deceased will be paid 250 million rials ($8,000) as part of compensations to help with funeral/memorial costs, ISNA reported.  

Nearly 464 Iranians lost their lives in the deadly stampede during the hajj rituals on September 24 and hundreds of others were injured. Reports say 67 pilgrims remain unaccounted.

“According to our contract with the Hajj and Pilgrimage Organization, our company is committed to pay 550 million rials ($16,000) to the family of each person killed in the crush; an obligation that will be met as soon as the necessary documents are presented.” The insurance ceiling for treatment of the injured is 150 million rials.    

He said the company also has an obligation to reimburse Tose’e Insurance Company customers as soon as possible. “We came up with some new plans and strategies to expedite the process of settling the company’s debts and reimbursing that company’s customers.

After the TIC’s operating license was revoked by the Supreme Council of Insurance for infringing on the rights of its customers in February, the council approved the take over the insolvent company by the IIC.