Banking and insuranceEconomical

9% of the country’s vessels are covered by Asmari insurance

According to the financial monetary news, quoting the public relations of Asmari Insurance Company, we sat down with “Elham Jalvi”, the director of liability and engineering insurance of the company, to discuss issues related to ship and float insurance and the performance of Asmari Insurance Company in this field. .

To start the conversation, it is better to have a look at the amount of production insurance premiums and damages paid by Asmari Insurance in the field of ship hull insurance.

The production premium of this field in Asmari Insurance Company during 1399 has been more than 17 billion and 512 million Rials. Meanwhile, for the years 1398 and 1397, the numbers have been recorded as 7.4 billion Rials and 6.7 billion Rials.

Despite a significant increase in production premiums last year, but this year, weakening economic conditions as well as restrictions imposed on coronavirus health protocols have reduced maritime traffic and, of course, insurance sales. Has also affected the floating hull.

However, in the first half of this year, the sale of floating body insurance has led to the production of more than 10.7 billion rials of the current portfolio, which shows a growth of 27% compared to the same period last year.

From this place, Asmari Insurance Company has paid more than 5.7 billion Rials in damages in 1397, but according to the loss ratio in the relevant year and a more appropriate risk assessment in the coming years, the compensation paid to 608 million Rials in 1398. And has reached 1.3 billion rials in 1399.

What is the place of ship insurance in the portfolio of Asmari Insurance Company?

Due to the wide access of our country to the seas and benefiting from this divine gift, maritime transport has had a special place in Iran in the past. The long history of this method of transportation in the world and on the other hand the risks associated with it, made marine insurance one of the first insurances to enter the field and over time, its use increased.

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Due to the geographical location of the Asmari insurance branch and the proximity of most of them to international waters, the issuance of floating insurance has also flourished since the beginning of the company’s activities.

Of course, given that Asmari Insurance Company had initially focused on selling health insurance policies, the share of other disciplines in the portfolio was naturally small, so despite the rapid growth of production premiums in the field of wrestling, the share It has always been below one percent in the entire portfolio in recent years.

What coverage does Asmari Insurance offer in the field of ship insurance?

Floating insurances are regulated by a set of international maritime law, maritime experience and international conventions. At Asmari Insurance Company, body and machinery insurance is issued on the basis of clauses designed by the London Insurers Institute. Close 280, Close 284, Close 289 and Close 346 are now offered in this company.

According to statistics provided by the Ports and Maritime Organization, the number of vessels registered in this organization is about 9,000, many of which are worn out due to old age and need to be replaced. Considering that about 800 floating insurance policies have been issued in our company in 1399, it can be said that about 9% of this number have been covered by Asmari Insurance Company.

Given that ship insurance is offered by all insurance companies, can the rates offered by Asmari Insurance compete with the rates of other companies?

The insurance premium is largely influenced by the law of large numbers, which means that the more insurance policies issued, the more principled the extraction of the technical and expert rates based on the field loss ratio and related costs.

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Due to the large number of people in our country, the law of large numbers in the issuance of this type of insurance, such as that in the issuance of car and fire insurance, is not very applicable, so if the risk is not managed, accepting inappropriate risk or offering rates Low and unprofessional, the insurer is more likely to increase the loss ratio and suffer.

Fortunately, this issue has received special attention in Asmari Insurance Company. Sales network and branch managers in the process of marketing and market penetration, have considered this issue and have made every effort to manage risk.

To what extent has the ship insurance process been streamlined?

One of the requirements and prerequisites for issuing this insurance policy is to visit the insured item to identify the risk situation. Of course, the issuance of extended insurance policies is not subject to this requirement, provided that they do not have a significant capital increase, so the process of issuing them is faster.

For the first time that the company is covered for the first time in this company or the extended cases that have a capital increase of more than 20%, an initial inspection expertise should be performed, which may affect the issuance speed to some extent.

In this regard, Asmari Insurance Branches are trying to speed up the insurance policy issuance process with the good interaction they have established with the appraisal experts. Also, according to the request of the heads of branches, the authority to visit the ships has been delegated to them to a certain extent, which also eliminates outsourcing and increases the speed of the issuance process.

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