Iran: Govt looks at divesting part of wholly state-owned insurer

Source: Middle East Insurance Review | Oct 2018

The newly-appointed head of the Central Insurance of Iran (CII) is exploring ways of divesting the shares of the sole 100% state-owned insurer, Iran Insurance Company (IIC).

Mr Gholamreza Soleimani Amiri, who was appointed to the top CII post in July, speaking during his first press conference recently, said “In line with expanding the private sector, we intend to float some shares of Iran Insurance Company, which will take place if the legal barriers are removed”, according to a report in Financial Tribune.

The divestment depends on the reform of an article in the Iranian Constitution that recognises the private sector as a major segment of the country’s economy, he said.

The divestment decision will mark a big step forward in the promotion of the government’s privatisation efforts, given that IIC is the biggest insurer in the country. It has previously been excluded from the privatisation programme. The insurer commanded a market share of more than 35% for the year ended March 2017. M

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