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Iran: Insurance sector prepared for US possible withdrawal from nuke deal

Business Materials 2 May 2018 11:56 (UTC +04:00)
In case of violating Iran's nuclear deal by the US, Iran’s insurance will cover the main risks, Abdul-Nasser Hemmati, general director of Central Insurance of Iran, said.
Iran: Insurance sector prepared for US possible withdrawal from nuke deal

Tehran, Iran, May 2

By Kamyar Eghbalnejad – Trend:

In case of violating Iran's nuclear deal by the US, Iran’s insurance will cover the main risks, Abdul-Nasser Hemmati, general director of Central Insurance of Iran, said.

Hemmati made the remarks at Iran-Europe Banking and Business Forum ‎in Tehran, Trend’s correspondent reported from the event.

Hemmati said that the influence of insurance in Iran is growing rapidly and the insurance industry has also grown well.

According to the 6th Development Plan of Iran, the penetration rate of the insurance industry should increase from today's level, which is about 3.2 percent of GDP, and this needs more investment in the sector, he added.

"Today our compulsory insurance coverage is complete, but optional insurance is covered about 20 percent," he said, adding that Iran's insurance industry turnover reached to 13 billion euro last year, and this turnover indicates the high capacity of the Iranian insurance industry, he added.

"Currently we are negotiating positively with European parties to use their capacity to develop our insurance coverage, a large part of our tankers and ships are covered by International insurance, and the other part, which is covered by domestic insurance, can travel with the same insurance coverage in the European regions," he continued.

Referring to Iran's readiness in the event of US withdrawal from the JCPOA(Joint Comprehensive Plan of Action aka nuclear deal), Hemmati said that Iran's insurance industry is ready to continue its coverage with pre-existing structures before and after sanctions so that no domestic industry in Iran will be left uncoated.

"We welcome international relations with foreign insurance companies," Hemmati said, adding that today, 30 percent of catastrophic accident insurance in Iran, with a capital investment of around 1.2 billion euros, is covered by European reinsurance companies.

"We expect this rate to increase in near future," the official said pointing out that the insurance industry is an international industry.

He further said that the insurance of 11th Phase of South Pars Development Project, with France’s Total being its contractor, will be carried out through Iranian insurers, and this will result in important work in the field of insurance co-operation with European companies.
"We are in talks and cooperation with Russian and Chinese reinsurance companies," Hemmati said.

With an annual growth rate of over 20 percent, Iran's insurance industry is ready to cooperate with foreign companies, he added.

Europe is a traditional partner of Iran in the field of insurance, the official concluded.

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