Two firms from Italy and Germany are negotiating to buy the shares of
Iranian insurance companies, the head of Central Insurance of Iran
“I cannot mention the names of companies since they might not reach an
agreement with the Iranian side, but the negotiations with them are
continuing,” Abdolnasser Hemmati was also quoted as saying by IBENA.
The CII chief noted that the purchase of shares of an Iranian company
by a foreign firm will comprise foreign investment in the Iranian
“We have negotiated with 10 top international insurance companies for
further cooperation while they have announced their readiness to start
making investments in Iran. Hence, negotiations with Iranian insurance
companies have been planned with them in the foreseeable future,” he
Hemmati further said the insurance penetration rate in Iran has
increased 4.5 times the pace of the country’s GDP growth, which
indicates insurance industry’s high potentials for attracting foreign
The official mentioned the contract between Iran’s Saman Insurance
Company and the world’s largest reinsurance company Munich Re, which
became the first foreign reinsurer to start working with Iran after the
lifting of international sanctions in January 2016.
“We have also managed to sign a deal with a French reinsurer to cover
our catastrophic losses that are impossible to handle by a single
country,” he added.
The deal was signed between Iran’s Mellat Insurance, affiliated with
Bank Mellat, and France’s SCOR SE based on which SCOR will cover all the
catastrophic losses of Mellat’s policies in fire insurance, natural
disasters, loss of profit and engineering insurance up to a ceiling of
Hemmati noted that Iran has more than $3 trillion worth of insurable
capital, but unfortunately more than 70% of them are uninsured.
“Most of the residential units in the country are not insured while out
of 25 million cars in the country, only 3 million of them have body
insurance policy,” he added.
Commenting on recent negotiations with European countries like the UK,
France, Germany, Italy and Switzerland, Hemmati underlined that good
insurance relations have been established with them and he intends “to
gradually expand ties with foreign reinsurers to cover catastrophic