59317
Iran, Armenia to Expand Insurance Cooperation
Iran, Armenia to Expand Insurance Cooperation

Iran, Armenia to Expand Insurance Cooperation

Iran, Armenia to Expand Insurance Cooperation

The Central Insurance of Iran and Central Bank of Armenia on Thursday signed an agreement to expand cooperation in insurance and reinsurance services.

The agreement was signed by Arthur Javadyan, Central Bank of Armenia’s chairman, and Abdolnasser Hemmati, CII’s president at the CBA headquarters in Yerevan in the presence of major Iranian insurance and reinsurance companies, CII’s Public Relations Office reported.

The agreement aims to create a legal basis for expanding insurance cooperation. CII and CBA have agreed to provide insurance coverage to both Armenian and Iranian citizens, according to the CBA website.

Expanding reinsurance ties, paving the way for establishing representative offices, holding mutual training programs and following up visits were among other issues enshrined in the agreement. 

The chief executives of Iran Insurance Company, Parsian Insurance and Iranian Re accompanied Hemmati during the visit.

Iran and Armenia had signed similar documents back in 2009.

Hemmati also held talks with Karen Karapetyan, Armenia’s premier, during a ceremony marking the anniversary of the Islamic Revolution. 

The Iranian delegation also met Suren Karayan, minister of economic development and investments, where Hemmati expressed Iran’s readiness to work closely with Armenian insurers.

Welcoming the move, Karayan called for expanding ties in travel and commercial categories.

Executive Director of Armenia’s Export Insurance Agency Vazgen Abgaryan also referred to an agreement signed by his agency and the Export Guarantee Fund of Iran, and called for boosting ties in extending reinsurance coverage.

In response, the Iranian side proposed to sign a tripartite agreement involving Armenia’s Export Insurance Agency, EGFI and CII to lay down the directions for deepening cooperation.

Mohsen Pourkiani, CEO of Iran Insurance Company, also said Iranian insurers are ready to offer Armenians insurance services in all categories.

“Visa facilitation between the two countries has created a great potential for the travel insurance coverage,” he added.

Iran is reportedly the second largest contributor to Armenia’s tourism industry. The number of Iranian tourists visiting Armenia has been growing steadily for years, such that in 2016 it registered the largest growth by any country with 30%.

Recently, an Iranian company expressed readiness to invest $1 million in infrastructure construction for a free economic zone Armenia plans to build near the town of Agarak.

According ArmInfo, Armenian insurers’ premium income amounted to $66.6 million in 2016, marking a 6.8% growth compared with 2015. Armenian insurers also recorded a 13.7% drop in paid claims, which amounted to $29.1 million in 2016.

According to CII, Iran insurance industry’s premium income stood at $6 billion in 2016.

Short URL : https://goo.gl/VJyxkd
  1. https://goo.gl/DpTCRe
  • https://goo.gl/DToZbi
  • https://goo.gl/bQlHKZ
  • https://goo.gl/MXcP83
  • https://goo.gl/Wdi96g

You can also read ...

FATF Gives Iran Until February to Complete Reforms
The international group that monitors money laundering...
Iran Private Sector Businesses Dispirited Over Economic Conditions - Report
A recent survey conducted by the Tehran Chamber of Commerce,...
Tehran Market: Gold Prices Move Toward Relative Calm
Gold prices are relatively stable according to the head of...
EU Mechanism for Iran Trade Pursues Long-Term Targets
France’s Foreign Ministry said on Thursday the creation of a...
UK Preserving Iran Humanitarian Trade in Face of US Sanctions
High-level meetings on Thursday and Friday in London were held...
Iran Government Expected to Change Currency Repatriation Rules
Iran's private sector remains steadfast in its opposition to...
Iran: Imports of Essential Goods Top $4.6 Billion (Mar-Sep 2018)
Over 9.13 million tons of essential goods worth $4.67 billion...
Tehran Stock Exchange's Main Index Registers 90% Growth Since March
The total value of traded shares in Tehran Stock Exchange...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus