He made the remarks in Euromoney Conference, attended by high-ranking Iranian authorities including President Rouhani's special aide in economic affairs Masoud Nili, Deputy Foreign Ministry for Political Affairs Seyed Abbas Araghchi, and Deputy Minister of Petroleum for Trade and International Affairs Amir Hossein Zamaninia.
Hemmati pointed to the privatization of insurance industry of the country and said, “Iran insurance market adopted a wide gap from its governmental and monopolized structure and moved towards competitiveness since approval of law of nongovernmental insurance companies in 2001 and sales of stocks of public insurance companies to the private sector in 2008.” He pointed to the liberating and removing tariff system regulations, deploying system to monitor empowerment of insurance institutions, updating insurance rules and adapting it with the international standards and procedures, developing and establishing e-monitoring system at the insurance market, compiling relevant rules and regulations, hiring experienced and competent manpower and promoting efficiency of hum
an resources qualitatively, etc. as the important factors for the development and competitiveness of insurance industry.
After a landmark nuclear deal inked between Iran and six world’s major powers, giant steps were taken in insurance industry of the country in international level, he maintained.
After the implementation of Joint Comprehensive Plan of Action (JCPOA), 70 percent of oil tankers and 45 percent of vessels were insured by the international club, he said, adding, “accordingly, vessels insured by P&I institutes can transit in ports of European countries.”
Elsewhere in his remarks, he said that insurance industry of the country enjoys high capacities and potentials, adding, “suitable way has been paved for insurance industry of the country for attraction of Foreign Direct Investment (FDI).”
Turning to the growing trend of penetration factor of insurance in the country, he added, “insurance penetration factor to gross domestic product (GDP) has always witnessing a growing trend in the past 20 years.”
Hemmati pointed to the alternatives of foreign investment in insurance industry of the country including purchase of stocks of Iranian insurance companies, establishment of branch offices or agencies of foreign insurance companies in Iran and also creation of reinsurance brokers, so that Central Insurance of Iran (CII) is determined to help foreign insurance companies in the relevant field and also other investors who intend to make investment in these areas.
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