Economy, Business And Markets

UIB Urges Enhanced Insurance Infrastructure

UIB Urges Enhanced Insurance Infrastructure
UIB Urges Enhanced Insurance Infrastructure

Iran needs to invest on its insurance infrastructure if it wants to increase the amount of foreign investment inflow from Europe, the United States and Asia, said an official of the United Insurance Brokers (UIB).

A delegation from the UIB traveled to Iran last week to conduct a training seminar on energy in cooperation with the Central Insurance of Iran (Bimeh Markazi). The event was held on October 7-8.

During his visit, Richard Scott, divisional director at UIB Group told ILNA that involvement of well-known and credited international insurance companies in projects of a given country is an indication of the low risk of investment there.

“Although the UIB Group has been actively participating in the projects of the Middle East region, specifically in Saudi Arabia and the UAE, it has not been able to cooperate with Iran, in spite of the country’s high potential and capacities especially in the field of energy,” said Scott.

“This was mainly due to sanctions imposed on Iran,” according to Scott, who hoped once sanctions are removed, the cooperation between the UIB Group and Iran will resume after five years.”

Iranian energy market constitutes a significant part of the energy market both in the region and in the world, said Scott, “so fostering insurance infrastructure is certainly one of the essentials of trade in Iran.”

He said that his organization is examining the conditions of Iran’s market, to get a picture of the country’s capacities, hoping that in the near future his organization can cooperate with Iran on a variety of projects, more importantly on oil projects in northern and southern parts of the country.

Mounir Kabban, President of UIB Holdings, also met with director general of Bimeh Markazi, Mohammad Ebrahim Amin, on Sunday.

Kabban, too, said his company is willing to cooperate with Iran once the sanctions are removed.

Founded in 1987, the UIB is an independent, international insurance and reinsurance Lloyd’s broker with headquarters in London and offices worldwide.

The group provides insurance services in the field of aviation and space; construction; energy; financial lines; marine hull and protection and indemnity marine cargo; property and casualty; war and associated risks; workmen’s compensation and employer’s liability; event cancellation; political risks and trade credit; risk management in different countries.