BAKU, Azerbaijan, Nov. 19
By Elnur Baghishov - Trend:
Currently, 32 insurance companies operate in Iran, Director General of Central Insurance of Iran, an agency in charge of regulating the Iranian insurance industry, Gholamreza Soleymani said at the opening of Kish INVEX exhibition on Nov. 18, Trend reports via IRNA.
Soleymani noted that Iran Insurance Company JSC is the only state-owned company in the country's insurance market.
According to him, 32 percent of the Iranian insurance market falls to the state's share.
The director added that some 40 percent of Iranian insurance companies' capital can be converted into securities, which can later be put up for sale at the Stock Exchange.
According to Soleymani, currently 11 million Iranians have life insurance, which is slightly over 5.1 percent of the population eligible to obtain this type of insurance. However, this figure reaches 60 percent in developed countries.
The amount of insurance fees in the last Iranian year (from March 21, 2018 to March 21, 2019) reached 450 trillion rials (roughly $10.7 billion), the director said adding that this figure should reach 600 trillion rials (roughly $14.2 billion) in the current year (from March 21, 2019 to March 21, 2020).