Alliance Reseau Courtage Assurance will enter Iran's insurance market to cover the transport sector in the post-sanctions era, said the insurer's representative in Iran.
"The French insurer was active in Iran's market through general brokers before the sanctions, but now it intends to open a branch in the country to directly offer its services," Tasnim News Agency quoted Abolfazl Mousavi Fazel, the CEO of Dorsa Company as saying on Friday.
As per law, foreigners can buy up to 40% of insurance companies’ shares or open branches in the mainland; however, they are allowed to establish insurance companies or buy the total shares of other companies in the free zones.
He said that other French insurance firms too are willing to enter the Iranian market but they are held back by the fact that the exact timing for end of sanctions is not clear yet."
With a premium value of almost $9 billion, Iran is one of the biggest primary insurance markets in the MENA region. For the period up to 2025, premium income is expected to grow by between 5% and 6% per year on average after adjustment for inflation, yielding a premium equivalent to $9 billion, according to BMI.
According to the Central Insurance company of Iran, several foreign insurance firms including Munich RE, Swiss Re, Tokio Marine, Sompo Nasco Insurance Group have expressed interest in the Iranian market.
