The role of Parang Bimah Razi in energy insurances

According to the report of the financial news, citing the public relations and international affairs of Razi Insurance, the petrochemical industry is one of the main pillars of the oil industry in the production chain and the driving engine of the country’s economic, political and social development, and it plays a significant role in the gross national product.

The creation of the petrochemical industry in Iran is 50 years old and goes back to the 1330s. The chemical industry is one of the prominent industries in the last few decades, the special attention of countries to this industry has led to its prosperity and widespread use in the world, and now this industry is considered the third largest industry in the world after the food industry and automobile manufacturing. As the fourth oil producer in the world and having the second largest gas reserves in the world, Iran provides 80% of its export revenues from oil and gas and hopes to take over 14% of the global petrochemical market by the end of this decade and the production capacity increase its petrochemical products to 23 million tons per year.

Petrochemical industry is actually a part of chemical industry that produces chemical products from raw materials obtained from oil or natural gas. Since the beginning of the 20th century, crude oil and natural gas as raw materials for the preparation of many compounds needed by humans became vital and increasingly important. The petrochemical industry is the main supplier of consumables needed in most chemical, electrical and electronic, textile, medical, automotive, household appliances, food, etc. industries.

One of the most important features of the petrochemical industry is its very high added value. This means that with chemical and physical changes on oil and gas hydrocarbons, the value of the product can be increased by 10 to 15 percent.

Another feature of this industry is the diversity of its products and the supply of raw materials for thousands of workshops and downstream industries, which plays a very effective role in the country’s economy in terms of job creation, foreign exchange earnings and breaking dependence.

Now, with these interpretations, insurance companies can cover this industry with energy insurance policies either during construction or installation or during operation. to competitors in the country’s infrastructure industries such as energy, transportation, etc. to have a significant share in the market share of energy and transportation insurances.

Razi Insurance joined the Insurance Industry Energy Consortium last year and has played a significant role in this consortium, Razi Insurance as the first private sector company directly and indirectly in providing insurance services and supporting the country’s infrastructure of many major petrochemicals in the country. And companies that supply chemical products have been placed under the umbrella of their support.

According to this report, from the beginning of 1401 until today, Razi Insurance has registered a significant growth in the issuance of energy insurance policies, which the analysis of statistics indicates a growth of more than 61% in the number and a growth of more than 198% in the value of riyals compared to the same period in The year is 1400.