The insurance industry of Iran grew by 22% in the year to March 20, 2017, as the insurance penetration rate climbed 0.4% to reach 2.1%, according to the leader of the country’s insurance regulator.
Abdolnasser Hemmati, president of the Central Insurance of Iran, also elaborated on the CII’s objectives in the year ahead, which include the creation of a nationwide natural disaster insurance fund, the ratification of corporate governance rules, the gradual implementation of International Financial Reporting Standards (IFRS) and requiring insurers to submit financial statements for the first half of the year, in compliance with new regulations.
Finally, the regulator is taking steps to open up its insurance sector to foreign investment, which will promote competition and drive innovation.
