Global Insurers Eager to Tap Iran’s Lucrative Market: Report
TEHRAN (Tasnim) – World’s leading insurance firms are seeking to tap a market worth $7.4 billion in premiums in Iran following the termination of anti-Tehran sanctions.
Several insurance companies, including Allianz (ALVG.DE), Zurich Insurance (ZURN.VX), Hannover Re (HNRGn.DE) and RSA (RSA.L), have announced their willingness to seek opportunities in marine and energy sectors in Iran.
Mohammad Asoudeh, vice chairman and managing director of Iranian Reinsurance Co, told Reuters that he had already been contacted by foreign insurance players looking to forge tie-ups with his company and enter the market.
"They have been waiting for Implementation Day," said the 30-year industry veteran said.
"We have had enough visits (from foreign firms)... resuming business could be quick but will depend on the terms and conditions they offer us,” he added.
"There are some market renewal dates in two months' time. This will be a good point to start."
The move came a couple of days after the official start of implementation of the nuclear deal finalized by Tehran and world powers back in July 2015.
All nuclear-related anti-Iran sanctions were terminated with the implementation of the agreement.
