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.

[Iran insurance industry enjoys untouched capacity 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 insurance 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 dramatically and reached less than one percent, but after the JCPOA it stopped growing and followed reverse process and self-insurance 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.