IRAN NEWS ECONOMIC DESK

TEHRAN – Head of Bimeh Markazi (Central Insurance) Company says the climate for competition for all insurance companies is prepared and some new companies are to step into the market this year.

Speaking in the board of directors of the company, Golamreza Soleimani said that the competition climate has been provided for all insurance companies but those companies which have smartized their systems and offer e-insurance services have better chance to succeed in this market.

He also said after the outbreak of Coronavirus in the country, all economic equations have been disrupted and this crisis can also have its effect on the performance of the insurance industry.

He then detailed the measures and actions of the insurance companies in fight with Coronavirus, and commemorated memories of victims of insurance industry.

Soleimani also pointed to the role of insurance industry in year of “production Leap”, adding that the industry should help production with full strength and it also should focus on its own job for expanding insurance penetration rate in the society.

He noted that the company has issued licenses for new insurance companies, adding that it will boost competition in the insurance industry, reiterating that this industry is ready to cover insurance for quality of products and other services related to the production sector.

Soleimani reiterated that promoting the culture of insurance in the society is the most important mission of insurance industry, adding that if the public relations of insurance industry become more active and act with more coordination, achieving sublime goals of the industry will not be far-fetched.

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IRAN NEWS ECONOMIC DESK

Head of Central Insurance of Iran (Bimeh Markazi) Gholamreza Soleymani says people should be encouraged to buy different types of insurance, calling for exemption of insurance from tax.

Addressing the 26^th National Insurance Day in Tehran, he pointed to different types of insurance in the country, adding that currently insurance services in the country are diverse and 25 types of insurance are available but unfortunately people are unaware from the least services of insurance industry.

He added that by implementing the law of large numbers, the insurance industry can minimize the probable heavy damages and by collecting people’s small amount of money, liquidity can be directed properly.

On insurance penetration rate in the country comparing with the neighboring states, he said that the insurance penetration rate the country is currently 2.4 percent while the figure in the UAE is 2.9 percent and in countries like Turkey, Egypt and Kuwait is lower.

He emphasized that insurance means risk management, adding that risk is interlinked with insurance and Central Insurance Company is after creating a center for managing the risk in order to minimize risk-taking in the country.

Soleymani noted that over 13.5m people are currently under health insurance which is aimed at boosting social welfare of people.

He added that payment of monthly premium is some kind of help to the pension funds. He noted that premium in insurance industry is like deposit in the bank and it should be exempted from paying tax and it will encourage people to buy types of insurance.

Soleymani reiterated that all should work to boost the current penetration rate which is around 6 percent in the developed countries, and for this reason insurance industry in those countries is in better position.

He added that life insurance accounts for 60 percent of insurance industry in the developed countries while the figure is around 14.5 percent in Iran.

Soleymani added that one of the major programs of the insurance companies in the country is to encourage people to buy life insurance.

He added that currently 15 knowledge-based companies are present in the insurance industry and ten are active, expressing hope that insurance industry would move towards smartization by presence of knowledge-based companies and start-ups.

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