Insurers eye US$7b Iranian premiums
Print Edition
GLOBAL insurance firms are circling Iran for business opportunities following the lifting of sanctions — and the first test of their appetite could come in March when some Iranian companies seek new cover.
Insurers, the reinsurers that share their risk and the brokers that forge deals are exploring ways to tap a market worth US$7.4 billion in premiums after a nuclear accord between world powers and Tehran led to the removal of curbs on financial dealings with Iran this month.
Allianz, Zurich Insurance, Hannover Re and RSA said in recent days that they would evaluate potential opportunities in the country.
Insurance and reinsurance specialists regard the marine and energy sectors as among those offering the best opportunities in oil-producing Iran. Life insurance is also a potential growth area as it represents less than a tenth of overall Iranian premiums, compared with more than half globally.
At first international companies are likely to link up with Iranian firms to capitalize on their local knowledge and to reinsure local insurance in the global market, according to industry experts, with international brokers helping foreign firms get that business.
American insurers are still banned from doing business in Iran due to separate US sanctions that are in place.
The insurance contracts of some Iranian companies expire when the Persian calendar year ends in late March and they will be looking to strike new deals.
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