May 28, 2023, 8:23 PM

Iran, Syria agree to launch joint insurance company

Iran, Syria agree to launch joint insurance company

TEHRAN, May 28 (MNA) – To help underpin bilateral trade and economic ties, a cooperation agreement was signed between insurance companies from Iran and Syria.

Iran’s Alborz Insurance Company and the Syrian Oqaila Insurance Company, signed a document to launch a joint insurance company. 

The MoU was signed by Mousa Rezaei, the CEO of Alborz Insurance and Eng. Samer Al-Ash, General Manager of Oqaila Company. 

According to Mousa Rezaei the agreement calls for Iranian investment in the Arab county by covering Iranian businesses operating there, Alborz Insurance website quoted him as saying. 

"This signals the beginning of Iranian insurers playing a role in supporting businesses operating outside the country…We are willing to send our experts in the three main fields of reinsurance, Takaful and commercial insurance to Syria in near future," Rezaei said, according to Financial Tribune. 

The MoU aims to enhance strategic cooperation in the field of providing insurance services to the insured of the two companies in Syria and Iran, in addition to reinsurance services for the accepted risks of both parties, and coverage of various risks for projects and investments in both countries, SANA reported. 

Al-Ash affirmed that Alborz Insurance Company is a leading insurance company in the Iranian insurance market, noting that Oqaila Company is working to make a significant change in the mechanism of providing services to its insurers at all levels and enhance the absorptive capacity of reinsurance agreements against all risks.


News ID 201319


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