Moalem Insurance had noticeable achievements in the field of insuring ships’ body and machineries;
nevertheless, it ran into issues in cargo carrying insurance.
Moalem Insurance, initially known as Export Insurance and Investment Company, was established in 1994, with the collaboration of banking system for the purpose of expanding exports and providing credit insurance coverage for the available risks. After the sales of the majority stocks of the company and under the decision of the new shareholders in July 2007, the company was renamed Moalem Insurance.
Given the conditions of the country and the prediction of the problems that shipping lines would potentially encounter, Moalem Insurance was purchased by the Islamic Republic of Iran Shipping Line (IRISL) so that IRISL could utilize its potentials in the insurance industry, and as well, insurance industry could provide coverage for IRISL ships. Moalem Insurance managed to stage a prosperous performance in this regard, and this matter led to the formation of the first insurance P&I in Iran.
Thanks to the P&I insurance coverage by Moalem Insurance at the sanctions’ era, IRISL managed to keep its fleet operational in the international waters. Besides, Moalem Insurance P&I was accepted and approved by Japan India and South East Asian countries.
Even though Moalem Insurance has been established for only 23 years, it has managed to occupy 35 % of Iran’s maritime insurance market. In addition, Moalem Insurance’s entering P&I insurances at the period when Iranian shipping
lines were under sanctions is deemed as a special success both for this company and for Iran’s national fleet. In order to discuss different angles of Moalem Insurance’s activities, the managing director and the head of the board of this firm, Mohammad Ebrahim Tahsiri, sat down in an interview with Payam Darya.