The government-owned Iran Insurance Company plans to increase its capital from 34 trillion rials ($300 million) now to 100 trillion rials ($870 million) by the time the current calendar year is out in March 2020, said a board member of IIC.
Mohammad Rezaee said Iran’s largest insurer would be the top insurer in the Middle East in terms of risk retention if it could meet the target.
“It should be noted that risk retention capacity of IIC doubles the whole insurance portfolio of Oman,” IBENA quoted him as saying.
According the latest report by Central Insurance company of Iran, the risk retention capacity of IIC currently stands at 18.61 trillion rials ($163 million).
September 04, 2019 18:58
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Iran's Top Insurer Moves to Boost Capital
On the sources through which the insurer can raise its capital, the IIC official pointed to a government pledge to supply funds by divesting its remaining shares in Alborz Insurance Company
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