Risk Retention, Reinsurance Caps Announced
Risk Retention, Reinsurance Caps Announced

Risk Retention, Reinsurance Caps Announced

Risk Retention, Reinsurance Caps Announced

The Central Insurance of Iran, the industry's regulator and one of its few reinsurers, has disclosed the latest risk retention and inward reinsurance capacity allowed for insurance companies. According to the latest list calculated based on the latest approved balance sheets of insurance companies published by IBENA on Saturday, Iran Insurance Company, the only fully state-run insurer and a major market force, once again kept it prominence and holds the highest allowed risk retention capacity at more than 17.75 trillion rials ($413.46 million).
It is followed by Alborz and Asia insurance companies, in both of which the government holds a stake, with respective risk retention capacities of more than 2.71 trillion rials ($63.12 million) and 2.47 trillion rials ($57.53 million) respectively. 
Private companies Parsian and Dana have made it to the top five list with allowed capacities of more than 2.13 trillion rials ($49.61 million) and 2.01 trillion rials ($46.82 million) respectively. In addition to the CII, only six insurers out of the total of 30 are allowed to accept reinsurance. Two of those, Amin Reinsurance Company and Iranian Reinsurance Company, are specialized reinsurers. Other firms are Iran, Pasargad, Mellat and Iran Moein. Iran Insurance is allowed to accept up to 8.88 trillion rials ($206.85 million) in reinsurance coverage and once more stands at the top. 
Pasargad's reinsurance cap was set at 635.78 billion rials ($14.80 million) and Mellat came third with a capacity of 558.02 billion rials ($12.30 million).
As the final insurance company allowed to provide reinsurance services, Iran Moein is permitted by CII to accept up to 393.41 billion rials ($9.16 million) in reinsurance coverage. 
The insurance industry's regulator has also advised insurers to pay attention to the level of financial strength of peers as announced by CII when considering the allowed risk retention cap as a critical criterion.

Short URL : https://goo.gl/p1rQKD
  1. https://goo.gl/E6mesx
  • https://goo.gl/4sKNnP
  • https://goo.gl/bmA8vM
  • https://goo.gl/ZwdPpc
  • https://goo.gl/ZLVbjF

You can also read ...

FAO Forecasts Iran’s Cereal Output to Rise 12% in 2018
Despite autumn dryness, crop conditions recovered in Iran and...
Iran's Summer Box-Office Revenues Exceed $5 Million
Iran’s box-office revenues exceeded 610 billion rials ($5.19...
Hot Autumn for Tehran Stocks
Tehran stocks rose solidly on Sunday, recording another all...
Iran Housing Market Bracing for Double-Dip Recession: Aug-Sep 2018 Report
New data show property deals in Iran are on a downward...
Mobile Internet Services Get Costlier in Iran
Major mobile operators MTN-Irancell and Mobile...
Iran Agrifood Exports Rise 27% to Record High of $2.6 Billion
Around 2.94 million tons of agricultural and food products...
SCI Puts Iran's YOY Inflation at 25.7%
The goods and services Consumer Price Index for the month...
Iran's Trade With Italy Tops $590m
Iran traded 389,963 tons of non-oil commodities worth $594.82...

Add new comment

Read our comment policy before posting your viewpoints