Addressing inaugural ceremony of an insurance center in the city of Tabriz, northwest Iran, the official noted on Thursday that insurance is equal to safety and assurance and banning it is tantamount to ignoring all ethical principles, Mehr news agency reported.
He noted that following unfair sanctions against the country, all Iranian insurance companies have bolstered their synergism and cooperation and have “turned threats into an opportunity.”
Karimi said as a result of sanctions, about USD488 million, which had been allocated to insuring Iranian oil tankers, has stayed in the country and used by domestic financial system.
On July 1, the European Union’s sanctions against Iran's oil and financial sectors entered into effect.
The sanctions prevent all the EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude.
The sanctions have been imposed based on allegations that Iran is seeking to acquire a military nuclear capability. Tehran has refuted such allegations, noting that frequent inspections by the International Atomic Energy Agency have never found any diversion in its nuclear energy program toward military purposes.
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