Addressing a gathering in Iran's Northern city of Sari on Saturday evening, Head of Iran's Bimeh Markazi, (Central Insurance of the Islamic Republic of Iran) Seyed Mahmoud Karimi said that Iran has so far brought all economic resources of the country under insurance cover without any cost.
He said wide-body passenger plans and oil tankers will have the cover of the local insurance companies, and added, "Each plane will be brought under up to $1.2bln insurance coverage."
Iranian officials say that the implementation of the US-engineered EU sanctions against Tehran has left no negative impact on the country's insurance industry since Iran can easily bypass embargos.
"As regards the sanctions, specially the sanctions imposed by enemies on Iran's insurance industry, we seek to bypass the sanctions and defuse them in any possible way," Deputy Head of Iran's Bimeh Markazi, (Central Insurance of the Islamic Republic of Iran) for Planning and Development Rahim Mosaddeq said in September.
"Most of the sanctions are imposed against the oil industry and we have taken the precautionary measures against possible dangers and damages and insured our oil tankers and we are trying to minimize the economic pressures this way," he added.
There are 25 insurance companies in Iran today and all except one are privately owned.