News Coronavirus watch15 Sep 2020

Iran:Insurers offer new pandemic insurance

| 15 Sep 2020


The Iranian insurance regulator Central Insurance of Iran (CII) and Ta'avon Insurance Company have put together a new package for covering losses to the business community due to the pandemic.

The package will help protect 70 types of businesses against the coronavirus said CII head Gholamreza Soleimani. He did not make it clear which types of businesses would be eligible.

The new insurance will cover business closures and falling income according to the Economy Ministry news service Shada.ir.

A detailed report published on https://financialtribune.com  said the new product covers the losses for up to 60 days.  Insurers have come up with a wide range of measures to support policyholders and medical staff as COVID-19 spread, said Mr Soleimani.

Several Iranian insurance companies have extended their medical insurance coverage to include a part of hospitalisation bills of infected policyholders.

More than 25m Iranians are covered by medical insurance. Insurance companies generated $50m from medical insurance in the first two months of the current year (March 2020 to May 2020).

This was 42.15% higher compared to the same period last year, though the medical segment’s share of total premium declined to 13%.

The sector paid a total of $28m to medical centres affiliated to the ministry of health to help them overcome financial constraints amid the coronavirus spread.

Some insurers have extended their third-party auto policies for some months without requiring customers to pay the premium in advance.

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