Economy, Business And Markets

Economy Minister Orders Insurance Reform

Economy Minister Orders Insurance ReformEconomy Minister Orders Insurance Reform

A ministerial directive has instructed Iran Insurance Company to enhance the capacity of the insurance market by covering unknown risks that may be faced by the national economy, said Mojtaba Lashgar-Balouti, the advisor to the economy minister in the field of strategic management.

The directive requires Iran Insurance Company to enhance customer satisfaction via establishing an integrated insurance system, aimed at improving the quality of provided services as well as boosting bureaucratic-financial transparency, according to Lashgar-Balouti.  

“The company has to increase the proportion of life insurance to 20 percent in its portfolio,” he said.  

The directive also requires the company to develop its domestic and international reinsurance operations, increase return on investment for listed companies in the stock market, and increase its level of excellence to at least 550 points.

“This is the first time that such an advanced managerial system is being implemented under the supervision of the ministry of economy,” Lashgar-Balouti said adding that the initiative has been introduced by Minister Ali Tayebnia under the “Government of Hope and Prudence”.