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Iran: Insurers have paid more than half of Nov 2017 earthquake claims

Source: Middle East Insurance Review | Apr 2018

Iran’s insurance industry has so far paid out about IRR1.1 trillion (US$29.2 million) in claims resulting from the 7.2-magnitude earthquake that shook the western province of Kermanshah and killed more than 500 people last November, the head of the Central Insurance of Iran has said.
 
   “Based on the latest estimates, the commitments of insurance companies in paying damages caused by the earthquake have crossed the threshold of IRR2 trillion,” Dr Abdolnaser Hemmati said, according to a report by Financial Tribune. 
 
   He said the remaining sum includes coverage offered to banks, companies and other organisations that will be reimbursed in the foreseeable future. According to Dr Hemmati, more than 50% of all such commitments were from Alborz Insurance, some of which is covered by reinsurance. M 
 
IRR1,000 = US$0.03
 
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