Speaking at the general assembly meeting of Iran Central Insurance Company, Mr. Gholamreza Soleimani highlighted the performance of the company and current condition of insurance industry in the country.

IRAN NEWS ECONOMIC DESK

He said that there are programs on the agenda to boost the insurance industry in the country which will improve the role of all related bodies in the industry.

He added that the Guardian Council has amended some problems in the law for establishing the public fund for covering natural disasters, adding that the government has agreed to cover its financial share of the fund.

Soleimani admitted that despite a distance with international insurance penetration ratio standards, Iran tops the rankings in the region. He went on to say that the current loss ratio is 89% in the national insurance industry which is not acceptable, adding that in order to boost the insurance industry the figure should be cut to 75%.

He went on to say that insurance companies in the country’s coverage has reached $440b, adding that such an amount of commitment in the insurance industry of the country is unprecedented, adding that if there were no sanctions, the company would have pursued expansion of reinsurance in the country.

Soleimani also said Iran Central Insurance Company accounts only for 32% of the national industry and the engagement of private companies has reached 68% but Iran Central Insurance Company is still the pillar of the industry in the country.

Soleimani who is also head of Supreme Council of Insurance added that the increase in the insurance penetration ratio in the country depends on increase in the life insurances and this issue is seriously pursued by the related specialized bodies.

He also reiterated that some new insurance plans and services are on the cards, adding that diverse in the insurance products is very important for publicizing the industry, adding that the Central Insurance has agreed with the new products.

He went on to say that promoting the culture of insurance in the society plays a key role in boosting the penetration ratio, adding that several various topics and texts on insurance have been included in the text books of students.

Soleimani also stated that holding training and educational courses and 14% growth in the level of courses has led to a leap in the insurance industry, saying the route for development in the insurance industry depends on education and research.