Japanese insurers join rush to enter Iran

January 20 2017 by InsuranceAsia News Staff

More than 140 foreign insurance and reinsurance companies, including Japanese insurance firms, have reportedly held talks with the Central Insurance of Iran (CII), expressing interest to enter the Iranian market.

This was confirmed by Iran’s insurance regulator in a report published on the government’s website.

The series of talks came after the lifting of sanctions in January 2016.

According to the statement, German, British, Swiss, French and Japanese insurance and reinsurance firms have been among the most interested players to gain a foothold in the Iranian insurance sector post-sanctions.

The report said Japan’s three leading insurers — Tokio Marine, Sompo and Mitsui — have offered risk coverage of up to US$200 million.

Japanese insurers are currently studying Iranian regulations as they plan to establish joint companies or buy shares in domestic companies, the report added. Under Iranian law, foreigners are allowed to own 49% of insurance firms on Iran’s mainland and fully own firms in free trade zones.

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