Iran: State-owned giant insurer to be split into four separate companies

Source: Middle East Insurance Review | Feb 2017

Iran Insurance Company (IIC), the only fully state-owned insurer in Iran, is planning to split into several entities as part of its reform plans, said Mr Mohsen Pourkiani, IIC’s Chief Executive.

The planned group will consist of four specialised firms, namely a life insurer, a non-life insurer, a reinsurer and an investment firm, the Economy Ministry’s news service reported.

IIC has reportedly suffered from a number of woes in recent months, including piles of bad debts and a huge amount of claims.

According to available data, IIC has around one third of the total market share.

The proposed move to split the different businesses of IIC appears to be in line with statements made recently by the Central Insurance of Iran, the insurance regulator, that the industry needs more specialised insurers.

Middle East Life Insurance Company, affiliated with Middle East Bank, obtained a licence recently, becoming Iran’s first insurer to specialise in life insurance.

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