20 July 2017 - 11:35

Munich Re Signs 1st Post-Sanctions Deal With Iran | Financial Tribune

Iran's Saman Insurance has signed a contract with the world's largest reinsurance company Munich Re, Ahmadreza Zarrabieh, CEO of Saman Insurance said on Wednesday.
News ID : 72569
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“Based on the contract, risks in life insurance and capital formation categories are reinsured by Munich Re,” Zarrabieh told a press conference, Ibena reported.



Munich Re has become the first foreign reinsurer that starts working with Iran after the lifting of international sanctions in January 2016. The company halted business activities in Iran in 2010. 



The decision was expected to impact reinsurer's premium volume of around €10 million [in Iran]. It also stopped reinsurance for ships carrying Iranian oil exports on July 1, 2012.



The Central Insurance of Iran had announced that the German firm has given a significant offer for covering a variety of risk in Iran’s post-sanctions insurance market.



Saman has become the first Iranian insurance company that purchases life reinsurance coverage from a foreign firm, Zarrabieh said noting that risks up to €1 million is covered by the german reinsurer.



The privately-owned Saman Insurance, a subsidiary of Saman Bank, accounts for 6% of Iran's life insurance market. Life insurance accounted for 42% of Saman's portfolio in the previous Iranian fiscal year (March 2016-17).
















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