Foreign reinsurers continue to work with Iran despite US sanctions

Iran’s central insurance body, known as Bimeh Markazi, says global reinsurance companies continue to share risks that could befall major Iranian businesses and industries despite sanctions imposed by the United States.

8 February 2020
ID : 22294
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Iran’s central insurance body, known as Bimeh Markazi, says global reinsurance companies continue to share risks that could befall major Iranian businesses and industries despite sanctions imposed by the United States.

Workers at Iran’s Bahregansar oil platform in the Persian Gulf. Bahregansar Oil Field is one of the oldest discovered oil fields in Iran and its main platform is Iran’s oldest offshore oil platform. Photo: Fars News.

Iran’s central insurance body, known as Bimeh Markazi, says global reinsurance companies continue to share risks that could befall major Iranian businesses and industries despite sanctions imposed by the United States.

“We will continue cooperating with foreign companies and those reinsurers that have no ties to the US economy are cooperating with the Iranian (insurance) companies,” said Bimeh Markazi’s chief Gholamreza Soleimani on Thursday.

Soleimani told ILNA news agency that reinsurance rates considered for industrial losses in Iran, including those related to the massive oil and gas industry, are akin to rates introduced in regional and international markets.

He said some major claims for risk coverage in the Iranian reinsurance sector were between $100 million to $1 billion.

The official did not elaborate but said that an Iranian reinsurance group, which he said was comprised of major insurance companies, had underwritten and administered major risks related to airlines, shipping companies and oil refineries.

“Reinsurers are active in Iran as it is the case for all insurance companies at the global level,” he said.

Soleimani said Iran has remained a major contributor to the Asian Reinsurance Corporation for the past years in a bid to create further protection for major Iranian businesses.

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