Iran: First standalone life insurer starts operations
Source: Middle East Insurance Review | Mar 2017
Middle East Life Insurance, affiliated with the privately-owned Middle East Bank, has formally started operations in early February as the first standalone Iranian life insurer.
Speaking at the opening ceremony, Mr Abdolnasser Hemmati, the head of Central Insurance of Iran (CII), said the establishment of a life insurer is a turning point for the industry as the expansion of life insurance will guarantee sustainable growth for Iran’s insurance market, reported Financial Tribune.
Middle East Life Insurance has an initial capital of IRR1.2 trillion (US$37 million). Mr Mohammad Ibrahim Amin, the former head of CII, is appointed the Chairman of the board of directors of the company.
Life insurance accounted for nearly 12% of total premiums for the nine months ended 20 November 2016.
IRR1,000 = US$0.03