Islamic P & I Club strengthens the maritime insurance with competent services

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Mosadeghi: We are willing to expand in all the Islamic States to reference our position as a leading provider for Islamic Insurance in the region

By Effat Mostafa

For more than 16 years,  the Islamic P&I Club has established itself as a leading provider for protection & indemnity in the region, with a client list including some of the biggest ship and fleet owners all around the Islamic countries. Marasi News exclusively interviewed Mr. Amir Hossein Mosadeghi, CEO of Islamic P&I Club, to reflect on the club’s journey and its plans to enhance the maritime insurance sector in the UAE and expand internationally. 

1. The Islamic P&I Club has been successfully operating in the market for more than one decade. How were you able to maintain such progress in the market?

The Islamic P&I Club team always tries to customize its services to the market. We always prioritize our clients’ needs and meet their expectations and this is the main key towards our constant success in the market.

2. What are the priorities of the Islamic P&I Club presently?

We aim to cover all the Islamic countries. In the meantime, we have offices in the UAE, South Asia-Jakarta, Indonesia, London and Athens. Definitely, Lebanon, Egypt, Malaysia, Turkey and North Africa countries are within our future plan as well. All these offices together with our active offices will assist IPIC to have direct approach to all Islamic countries. We are in touch with most of the common flag estates in order to approve the Club as much as possible while the Club has agreements with many local offices that are recognized by their own flags. All these activities will enable the Club to provide more services to the members and will help the Club attract more shipowners.

3. How does IPIC add value to the UAE maritime industry? 

Currently IPIC is the only P&I provider in the UAE and the region recognized by all Islamic Countries States, therefore we try our utmost effort to satisfy the market by providing suitable covers in all aspects. We started by establishing the first P&I club in the UAE, which is the main hub of the shipping industry. Therefore, we expanded our business to insure any type and any size of vessel. Now we are planning to provide our services to more Islamic countries.

This was the Club’s strategic plan from the beginning, and is the Club’s promise to the Organization of the Islamic Cooperation (OIC) and Organization of the Islamic Shipowners' Association (OISA). Furthermore, the Club is expanding its services as per the clients’ need at international levels.

4. The maritime industry in the UAE is witnessing a shifting point, and is growing rapidly. How does your organization manage to keep up with the growing demand?

As everybody is witnessing these days, the UAE invests significantly in the maritime industry being ahead of the region’s countries. IPIC has to maintain such progress in compliance. IPIC, gradually and confidently, is attracting more Emiratis and other countries’ shipping and is increasing the members as much as possible. 

5. What are the main challenges in the maritime security and safety? How do you manage to overcome them?

There will be no issues as long as the risks are well managed.  The owners are very careful about their operations, so the club practically has no challenge in terms of security and safety. In order   to avoid unnecessary incidents, the club provides its members with seminars to make them aware of such situations and expand their knowledge and knowhow.

6. With such a wide range of clients, how do you manage to cover their needs worldwide?

Fortunately, we could manage to set a network of 485 correspondents stationed in 425 ports of 120 countries. This will enable the Club extend its services in case of necessity, especially during the claim handlings. In the meantime, the Club’s underwriting department always monitors the market changes in different part of the world so can provide the most practical terms and conditions to the applicants.

We require our correspondents to help our members by immediately sending qualified surveyors and experts to the vessels, to assist the Masters by making dynamic suggestions when necessary. Furthermore, our brokers all over the world are proposing the owners to the Club to provide them with different types of covers.

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