Economy, Business And Markets

Marine Insurance Policies Plummet

Marine Insurance Policies PlummetMarine Insurance Policies Plummet

Central Insurance of Iran’s safety and damage prevention department has released statistics on its marine coverage performance.

Domestic insurance companies paid 367.9 billion rials ($12.3 million at the official exchange rate) for marine insurance claims during the last calendar year (ended March 20, 2015). According to the figures, insurers issued 537 policies for ships, indicating a huge drop of 83% compared to the previous year’s 3,169 policies.

However, insurers’ total premium revenues reached 1.351 trillion rials ($45.1 million), showing a notable decline of a little less than 20%compared to the previous year’s 1,685 trillion rial ($55.4 million).

Insurers have indemnified losses for 358 marine insurance claims, 18 of which were worth over three billion rial ($1 million).