Economy, Business And Markets

Insurance Premiums Problematic

Insurance Premiums Problematic Insurance Premiums Problematic

Head of Central Insurance of Iran has said that insurance industry in Iran is facing fundamental problems which would not end even with the arrival of foreign insurers.  “Foreigners cannot redress the industry’s internal problems and their presence in the post-sanctions market would do little to help improve it,” quoted Mohammad Ibrahim Amin as saying on Sunday.”Most foreign insurers are interested in Iran’s reinsurance market but no formal request has been made so far.” Amin noted, however, that Iran needs foreign knowledge and training in the sector. Elaborating on the industry’s internal problems he referred to the government regulations on premium fees which “incurred huge losses on insurers.”Lack of a rating system in the domestic insurance industry is another factor in the market according to the CII chief as in such conditions “people are apparently drawn toward cheaper policies.”