Foreign firms voice readiness for ‘reinsurance’ in Iran’s insurance industry

MNA – Head of Central Insurance of Iran (CII) Gholamreza Soleymani said that foreign companies have expressed their readiness to do reinsurance operations in Iran’s insurance industry.

He made the above remark at 5th Insurance and Risk Management Conference this morning Jan. 20 and said, “relationship of insurance companies with the risk management is of the important activities of insurance industry, because, insurance firms came to being in order to manage risk optimally and burden the heavy responsibility in this regard.”

Optimal risk management is the salient specification of successful insurance companies, so that success of insurance companies is tied to the management of various risks, he said, adding, “risk management is a systematic process that should be based on accurate recognition and evaluation.”

As far as corporate governance is concerned, “we have officially announced that all insurance companies should accept the concept of ‘risk management’, so that financial empowerment of insurance companies should be notified to the insured confidently.”

Then, he pointed to the US sanctions on Iran and said, “we expect to use foreign reinsurance companies for risk aversion. Of course, foreign insurance companies, that do not cooperate with US, have expressed their readiness to forge relationship with domestic insurance firms, but it should be kept in mind that risk aversion of domestic insurance companies is high due to inflation and sanctions imposed by US against the country.”