Economy, Business And Markets

Panel Meets to Discuss ILS Business

Panel Meets to Discuss ILS BusinessPanel Meets to Discuss ILS Business

A panel met recently to discuss guidelines and frameworks that can facilitate the utilization of insurance-linked securities (ILS) business in Iran, according to the Insurance Research Center (IRC).

Iran is reportedly trying to establish itself as a domicile for ILS business operations, with this group meeting to discuss the relevant steps required to become a facilitator of ILS capital and structures, reported.

“The aim of this professional panel is to investigate the methods of transforming insurance risks to securities, to explore ILS’ various components and their economic justifications, and to identify the necessities and required infrastructure for their development in Iran,” said Amir Safari, head of IRC and secretary general of the board.

“In line with these panels, in the meantime, supportive studies are being conducted. These panels will continue their job until the results are met and ILS has found its way into the Iranian market,” Safari said.

For most Iran likely isn’t high up the list of potential future ILS domiciles, but the fact that a country such as this is aware of the benefits and opportunities ILS can bring, as a stand-alone asset class or as a supplement to existing insurance and reinsurance markets, is testament to its increased sophistication.

Information regarding the professional panel that took place recently is limited, but reports suggest that empirical and scientific studies are part of an executive plan for the entry of ILS in the Iranian market. Along with continued academic debate, the development and formation of ILS systems, and discussions surrounding the implementation of ILS in Iran among industry experts is on the agenda.

A report on the IRC website notes that Seyed Abbas Moosavian, a professor at Imam Sadeq University, Dr. Nisi, a Professor at Allameh Tabataba’i University and a member of the Iranian Insurers Syndicate, Mr. Sameri, along with other scholars, participated in the first professional panel meeting.