Munich Re signs 1st post-sanctions deal with Iran
Iran's Saman Insurance Company has signed a contract with the world's largest reinsurance company Munich Re, the CEO of Saman Insurance said.
“Based on the contract, risks in life insurance and capital formation categories are reinsured by Munich Re,” Ahmadreza Zarrabieh also told a press conference, IBENA reported.
Munich Re confirmed that it has started working with Saman Insurance Company, in an email to Financial Tribune on Friday.
The German firm has become the first foreign reinsurer to start working with Iran after the lifting of international sanctions in January 2016.
The company halted business activities in Iran in 2010, stopping reinsurance for ships carrying Iranian oil exports on July 1, 2012.
The decision was expected to impact reinsurer’s premium volume of around €10 million in Iran.
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 to purchase life reinsurance coverage from a foreign firm,” Zarrabieh said, noting that risks up to €1 million are 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 year (March 2016-17).
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