To help underpin bilateral trade and economic ties, a cooperation agreement was signed between insurance companies from Iran and Syria.
Iran’s Alborz Insurance Company and the Syrian Al-Aqeela Insurance Company, signed a document to launch a joint insurance company.
According to Mousa Rezaei, the CEO of Alborz Insurance, the agreement calls for Iranian investment in the Arab county by covering Iranian businesses operating there, Alborz Insurance website quoted him as saying.
"This signals the beginning of Iranian insurers playing a role in supporting businesses operating outside the country…We are willing to send our experts in the three main fields of reinsurance, Takaful and commercial insurance to Syria in near future," Rezaei said.
The agreement was signed at a meeting of insurance officials from both sides, according to the public relations and int’l affairs department of the Central Insurance company of Iran (CII). Majid Behzadpour, the CII head, noted that efforts are underway to accelerate monetary and financial exchanges between the two nations.
Terming the insurance cooperation as a step forward, he referred to potential economic benefits, cultural commonalities and near similar conditions in the two nations due to their experience with western sanctions. “These and other factors should help strengthen collaboration in different areas.”
Elaborating on the insurance capacities of both countries, particularly in the field of Takaful, he recalled the role of the sector in national development and social welfare. "The insurance industry adheres to precise universal standards and geographical boundaries cannot limit its capabilities".
He underscored the importance of private sector development in Iran, referring to the achievements in Iran's gradually growing insurance industry. "The private sector has a majority stake in this market. It has the potential to grow and expand with the support policymakers and regulatory bodies".
Behzadpour stated that the regulatory body (CII) sees no need to interference in the work of insurers nor does it have vested interest. "The aim is to improve oversight to help ensure a healthy market. By creating a friendly environment for growth and promote interaction with international insurers, the CII wants to facilitate the presence of companies in neighboring and friendly countries."
Behzadpour expressed the hope that the Syria deal can and will lay a strong foundation for an effective and mutually-beneficial insurance cooperation between the two sides.
Hossein Jaberi, Iran’s ambassador in Damascus commended efforts by the CII and Alborz Insurance to contribute to the expansion of economic ties with Syria.
In a first visit by an Iranian president to Syria in 13 years, Ebrahim Raisi led a high-ranking delegation to the war-ravaged Arab country earlier this month.
The two sides signed 15 cooperation agreements, including a long-term comprehensive strategic pact, to bolster bilateral economic and security cooperation, Iranian officials said.
