World’s leading reinsurance company to co-op with Iran
Baku, Azerbaijan, Nov. 22
By Fatih Karimov – Trend:
Munich Re, the world’s second-biggest reinsurer expressed readiness to cooperate with Iran in insurance industry, Iran’s Central Insurance Company reported Nov. 22.
Abdonnasser Hemmati, director general of Iran’s Central Insurance, who has traveled to Europe to seek cooperation with European counterparts, met with Munich Re officials in Munich, Germany.
During the meeting, outgoing chief executive of Munich Re, Nikolaus von Bomhard and his successor Joachim Wenning discussed prospects of mutual cooperation and boosting insurance relations between Iran and Germany with Hemmati.
The Munich Re officials expressed interest in entering Iran’s insurance market and offering insurance coverage to various sectors.
Munich Re also announced readiness for transferring the know-how and training Iran’s insurance experts.
On Nov. 18, Hemmati met with Inga Beale, CEO of British insurance firm Lloyd’s of London.
This was the first in 12 years meeting between Iran’s Central Insurance and the Lloyd’s.
During the meeting, Hemmati underlined Lloyd’s presence in the pre-sanctions Iranian aviation industry and said Tehran attaches great importance to working with Lloyd’s, especially in reinsurance and high-risk insurance.
Beale, for her part, said Lloyd’s insurance syndicates are interested in working in the Iranian market.
She said it is necessary to tackle the existing problems in Iran’s engagement with the world banking system before insurance companies could cooperate.
Hemmati also held talks with Munir Kabban, president of UIB Group, an international insurance and reinsurance company headquartered in London. He acknowledged the firm's efforts in training Iranian insurance experts.
Many European insurance and reinsurance firms are planning to enter the Iranian market following the lifting of the sanctions in January.