Iran Transportation Industry Covered by Local Insurers

Persian Gulf transit cargo 

Gholamreza Soleimani on Tuesday said all Iranian oil tankers, ships and the air transportation industry enjoy insurance cover from local insurance companies.

In separate comments earlier in the day, he said Iran’s insurance industry has successfully avoided being affected by the anti-Iran sanctions.

Although the insurance industry was one of the first sectors targeted by the US sanctions against Tehran, the Central Insurance of Iran could successfully bypass the restrictions and provide sustainable insurance coverage for Iranian companies, Soleimani had noted.

On May 8, US President Donald Trump pulled his country out of the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), which was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

On November 4, Washington imposed sanctions on insurers, reinsurers, brokers and shipping firms working with Iran.

However, Iran managed to keep exporting oil to its customers after the local companies began handling the insurance issues in the export of crude shipments.


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