Economy, Business And Markets

Insurer to Obtain Global Credit Rating

Insurer to Obtain Global Credit Rating Insurer to Obtain Global Credit Rating

Razi Insurance Company is set to become the first Iranian insurer to obtain credit rating from an international rating agency.

CEO of the company, Younes Mazloumi, said on Saturday that sanctions withheld global agencies from granting ratings to Iranian insurers, but the July 14 nuclear agreement between Iran and the six world powers has removed that obstacle.

Citing Mazloumi, Akhbar Bank news website said that receiving ratings from reputable global agencies such as Moody’s, A.M. Best, Fitch and Standard & Poor’s would have a positive impact on Iranian insurers’ international transaction.

“Lack of credit rating in the past had restricted Iranian insurers to stick to their domestic business and miss regional and global markets,” he added.

Mazloumi announced steps to open branches of Razi Insurance in neighboring markets and then in other markets.

“During the past decade, we had to do business only with second-rate insurers, but with the lifting of sanctions the Iranian insurance industry is poised to collaborate with the world’s top insurers.”

Noting that his company welcomes cooperation with foreign counterparts, Mazloumi cautioned against “rolling out a red carpet” for them, a move that would grant them the authority to monopolize the market.

“The best way to do business with foreign insurance companies is through joint venture. That would allow us to benefit from their up-to-date insurance know-how and technology,” he emphasized.

If approved, Razi will become the first Iranian Insurance company to receive a global credit rating.