Iran stands at 1st place in region in insurance penetration index’s terms

MNA – Islamic Republic of Iran stood at the first rank among regional countries in terms of insurance penetration index.

Central Insurance of Iran (CII) Chief Gholamreza Soleimani made the above remarks on Saturday and added, “in spite of gap of insurance penetration rate of the country with the global standards, Islamic Republic of Iran stood at the first place among countries in the region in terms of Insurance Penetration Index (IPI).”

Developing insurance coverage to compensate catastrophic events using various methods including following up and commissioning Natural Events Public Insurance Fund, submitting reinsurance coverage required in insurance market of country, compiling necessary regulations to optimal use of high capacities of capital market, empowering knowledge-based companies and startups in insurance industry of the country are of the salient policies and programs of the Central Insurance of Iran, he added.

Elsewhere in his remarks, CII chief pointed to 89 percent damage rate in insurance industry of the country and added, “to maintain strength of corporations and increase satisfaction level of the insured, this rate of insurance damage is not acceptable in the country, so that effective steps should be taken in this regard in order to reduce the damage rate in insurance industry up to 75 percent.”

He revealed the presentation of insurance coverage, worth $400 billion, by insurance companies of the country and added, “this rate of commitments is unique of its kind in insurance industry of the country.”

Sanctions imposed against the country created serious problems in activities of insurance companies, he said, adding, “if sanctions had not been imposed on the country, we would have developed and expanded reinsurance services.”