TEHRAN, Iran, Aug.13
Trend:
Iran's current economic situation and pandemic have created many challenges for the insurance industry, said the Managing Director of Alburz Insurance Company.
"In recent years the country's economy had problems in supply and demand due to sanctions that had a negative impact on employment, production and commodity sale, recession, and new risks for businessmen," said Mohsen Pourkiani, Trend reports citing ISNA.
"The insurance industry is an important section in the economy in covering risks of other industries. We require being more alert and updating our trade patterns because these economic situations and global pandemic is an assessment for the maturity of the insurance industry and its capacities should be updated to confront new challenges," he added.
"In terms of Alborz insurance company and the insurance industry function, challenges such as sanction created limitation in insurance coverage and challenge in improvement of trade patterns while COVID-19 has created challenges in regard to providing services in the health field and changes the view and interactions with insurance companies," he noted.
Pourkiani stressed that the pandemic has caused recession and halt of many fields such as tourism, transportation and welfare services while some small industries become bankrupt or shrank that reduced the insurance industry's revenues.