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World’s leading insurer ready to join hands with Iran

Saturday, November 26, 2016

Munich Re Group, as the world’s largest reinsurance company, has voiced readiness to provide Iran with services.

President of Bimeh Markazi Iran (Central Insurance of IR Iran) Abdolnaser Hemmati, who made the announcement, was a guest to top officials of Munich Re on Monday in Germany’s Munich.

The visit was made at the official invitation of Nikolaus von Bomhard, CEO of Munich Re Group also known as Munich Reinsurance Company. The meeting was also attended by Vice President of the German firm Joachim Wenning in addition to senior directors of ERGO, a Munich Re subsidiary and the Group’s primary insurance arm.

The session investigated and discussed venues for development of insurance relations between the two countries.

Iran’s Hemmati noted that Munich Re officials had expressed the company’s interest in providing life insurance and other related services to the Iranians and also cooperate with the Central Insurance of Iran in training programs.

He also presented a report on economic development plans of the country urging European insurers, including Munich Re, to offer reinsurance services to the Islamic Republic of Iran.

Presence of Joachim Wenning, Vice President of Munich Re who will become the Group’s CEO in coming months, suggested that the European insurer hold long-term schemes for activity in Iran.

Earlier on Saturday, Iran’s media reported that the Lloyd's of London insurance market was preparing to launch offices in Iran.

Following the removal of sanctions against Iran in January, indications appeared to show that global insurers were looking into the prospects of penetrating into the Iranian market whose worth is estimated to be around $7.4 billion in premiums.

Source: Mehr News Agency

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