Economy, Business And Markets

Insurance Industry Needs Expansion

Insurance Industry Needs ExpansionInsurance Industry Needs Expansion

Less than 10% of the housing units are presently covered by insurance but farmers’ insurance has not materialized yet, said Mohammad Farid Latifi the secretary of Iran’s National Conference on Disaster Management &HSE, according to Jamnews website.

He said some 2,000 people will attend this year’s event, which will focus on “insurance” “retrofitting” and “rural and urban management”.

Stressing the need and importance of insurance, he said, “One policy priority is to utilize the insurance industry as a gateway to support and reimburse those who have been harmed and suffer. This will be beneficial to the people and also help the government save a part of its resources to use as preventive measures.”

Latifi pointed to the 20 million housing units in the country and stated that the premium for the housing insurance scheme is a meager 400,000 rials ($13) compared to auto insurance which is around five million rials ($165). “It is quite interesting that most people are willing to buy insurance for their cars but not for their houses.”

On the need for addressing the issue of the country’s 4 million farmers who lack insurance, he proposed that “commercial insurance companies rise to the occasion and help solve the problem.

The 3rd National Conference on Disaster Management &HSE will be held at Tehran’s Milad Tower on November 15-16.