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Iran’s Biggest Insurance Payout Complete

Iran’s Biggest Insurance Payout Complete Iran’s Biggest Insurance Payout Complete

The consortium of Iranian insurance companies headed by Iran Insurance Company has paid €94 million as compensation for last year's conflagration that ravaged Bou Ali Sina Petrochemical Complex, located in southern Mahshahr Port.

Soon after the fire broke out, IIC as the agent insurer sent a group of experts to the port to determine the losses caused by the fire and, due to the high importance of the matter, asked the Central Insurance of Iran to authorize the use of international damage assessors for the process, IIC's official website reported.

After the bill was finalized and went through the legal process, insurers covered the full amount of losses in the quickest time possible.

The incident marked the biggest loss for the country's petrochemical industries ever, but according to a statement by Bou-Ali Sina Petrochemical Complex, insurers had committed to pay up to €500 million as compensation.   

The consortium of insurance companies consisted of 11 local insurance companies that covered the petrochemical complex under a general liability policy. SCOR, a French insurance company, covered the complex until 2010.

IIC, the only state-owned insurance firm, was responsible for 60% of the damage bill. Asia Insurance and Alborz Insurance each covered 9% of the loss. The remainder was stumped up by Dana Insurance, Karafarin Insurance, Mellat Insurance, Parsian Insurance and Saman Insurance.

Day Insurance, Mihan Insurance and the IIC-affiliate Iran Moein Insurance were other members of the consortium.

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