Insurance Deals With Carmakers Barred
Economy, Business And Markets

Insurance Deals With Carmakers Barred

The Central Insurance of Iran has barred insurance companies from signing direct contracts with automakers for selling third party auto policies. According to the CII website, the measure aims to curb corruption and fraud in the key industry and promote competition. From next year (beginning March 20), insurance firms have to sell third party policies directly to car owners. Automakers usually sell brand-new cars with a free one-year third party policy included. Insurers usually sell such policies to automakers at lower prices, hoping to make profit on when the policies come up for extension in the following years. However, automakers have failed to clear their dues to the insurers, making the third party insurance a source of net loss. Iran Khodro, for instance, owes insurance firms an estimated 7-8 trillion rials ($232-$265 million).

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