Iran insurance industry enjoys untouched capacity for investment
Tehran, Feb 10, IRNA -- President of Central Insurance of Iran Abdolnaser Hemmati said Iran's insurance industry has a vast untouched capacity and serves as a suitable ground for investment.
Hemmati told Euromoney conference in
Paris that Iran Central Insurance is ready to collaborate and links between the
Iranian and foreign insurance offices on condition of buy-back provision.
He said Iranian insurance market has since 2001 when the law of non-government
insurance companies has been passed and since sale of government insurance
shares to the private sector in 2008 distanced itself from the monopolized and
government monopoly and moved towards competition.
Hemmati said liberation and scrapping tariff system regulations and
establishing the system of supervision over richness of the insurance
institutions, updating insurance regulations and its conformity with
international standards and regulations, expansion and establishment of the systems
for e-monitoring of insurance market such as granting a code to insuancce
bills, establishing the system of corporational sovereignty and compilation of
related regulations, inflow of the young and educated workforce and qualitative
improvement of manpower in insurance industry are the important factors for
development and competitive nature of the Iranian insurance industry.
He said that the JCPOA had a positive effect on the insurance industry and
after the accord, important developments were observed in the industry. 'At the
time of sanctions, the ratio of self-reliane on foreign privatization decreased
dramatilly and reached less than one percent, but after the JCPOA it stopped
growing and followed reverse process and self-insurane privatization to foreign
countries followed gradual improvement.'
He said Iran will attain more progress, considering contribution of the big
European self-insurancers into the contract if extra damage incurred by Iran
insurance market in recent months is definitely proved.
1420**2050
author: D-Ezatiyan - Date: 2/12/2018