Iran: Govt launches new measures to promote life insurance
Source: Middle East Insurance Review | Nov 2017
Iran Life & Health
Special loans may be made available to specialised life insurers in the country, said the head of the insurance regulator.
Dr Abdolnaser Hemmati, the President of Central Insurance of Iran (CII), also said life insurers will be allowed to use special marketing tools to promote life insurance among the people, according to a report in Financial Tribune which quoted a statement posted on CII’s website. There was no elaboration on the special marketing tools.
The new measures indicate how eager CII is to promote life insurance in the country.
Dr Hemmati said that the share of life business in Iran’s insurance industry currently stands at 14%, but “it must rise to 50% in order to change the penetration ratio of insurance”.
A number of composite insurers have proposed spinning off their life insurance operations into separate entities. It was also announced earlier that the regulator will not issue new licences for general insurers.
In February this year, Middle East Life Insurance Company, affiliated with the privately-owned Middle East Bank, officially started operating as the first specialised Iranian insurance firm. M