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.

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IRAN NEWS ECONOMIC DESK

Speaking in a press conference in Tehran yesterday, Soleymani said that it is not the policy of Central Insurance Company to get involved in the internal affairs of the companies and the policy of the company is to support all private and state insurance companies which are active in their specialized field.

He admitted that the local insurance companies comparing to their foreign counterparts enjoy lesser profits, adding that in foreign countries some companies earn even 33 percent profits and it has helped the insurance industry to attract more investments.

He also announced that the company is working to launch an assessing center which is tasked to assess the amount and volume of the damages and it will need no assessment by the insurance companies who may have biased assessment.

On the cooperation with the foreign insurance firms, he said that 13 companies which have no contact with the U.S. are working with Iranian counterparts as they believe Iran’s market is an attractive and profitable one.

Comparing the insurance industry before the Islamic Revolution with post-revolution, he said that the industry has grown by 26 percent.

He admitted that life insurance is not taken seriously in the country as it is one of the indicators of cultural growth in the world and it should be promoted in the country.

He also warned those drive recklessly, adding that the insurance cost for reckless drivers will be increased.

He added that those drivers who drive safely enjoy discount for their premium and the amount of discount even reaches 70 percent.

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