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Various sectors insured at $500B in Iran

Business Materials 4 December 2019 20:50 (UTC +04:00)
Various sectors insured at $500B in Iran

BAKU, Azerbaijan, Dec. 4

By Elnur Baghishov - Trend:

Various sectors have been insured at $500 billion in Iran, Iranian Minister of Economic Affairs and Finance Farhad Dejpesand said.

Dejpesand made the remark in Iran at the 26th National Conference on Insurance and Development, Trend reports referring to IRNA.

“Insurance plays an important role in the Iranian economy and can create great opportunities for development,” the minister added.

Dejpesand noted that insurance can be introduced in all sectors to promote development and social welfare.

Commenting on the establishment of a fund insuring against natural disasters in Iran, the minister said that work on establishing this fund was carried during a long time (from 2000 to 2010) to establish this fund.

“The important steps have been recently taken in this sphere,” the minister said.

Dejpesand said that if such a fund is established, there will be no need for the government to fully take part in allocating funds and reimbursing damages.

“This fund can help the government,” the minister said. “The Iranian government intends to strengthen the private sector's position in the insurance sector.”

“Some progress has been achieved in this sphere,” Dejpesand said. “Twenty percent of Alborz insurance company’s shares and an Iranian insurance company belong to the public sector. These companies will be transferred to the private sector.”

The Iranian minister said that all sectors of insurance, except Central Insurance of Iran, will be transferred to the private sector.

The 26th National Conference on Insurance and Development was held in Iran on Dec. 4.

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