Global firms look to Iran for opportunities

January 26 2016 by InsuranceAsia News Staff

Global companies, including Allianz, Zurich Insurance, Hannover Re, and RSA, are eagerly looking at Iran for business opportunities following the lifting of sanctions, according to a report.

Iran’s market is worth US$7.4 billion in premiums and global firms are jumping in to evaluate potential opportunities in the country.

Insurance contracts of some Iranian companies expire in late March, which could become the first test of Iran’s insurance appetite as companies are expected to seek new cover.

Global insurers, reinsurers, and brokers are all exploring the best ways to tap the market, although specialists said the country’s marine and energy sectors are among those offering the best opportunities.

Life insurance, which accounts for less than a tenth of overall Iranian premiums, is also considered a potential growth area.

In a recent interview, Mohammad Asoudeh, vice-chairman and managing director of Iranian Reinsurance Co said foreign insurance players had contacted him for possible tie-ups with his company.