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
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
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
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.