Risk Retention, Reinsurance Caps Announced

According to data published by the industry’s regulator on its website, the major state-owned Iran Insurance Company is ranked first in terms of risk retention capacity at 17.75 trillion rials ($398 million) and Alborz and Asia insurance companies are next with a respective 2.71 trillion rials ($60.62 million) and 2.47 trillion rials ($55.25 million). In addition to the two specialized Amin Re and Iranian Re, only four insurance companies, namely Iran, Pasargad, Mellat and Iran Moein, are allowed to accept reinsurance. The state-run Iran Insurance Company is once again at the top with a capacity of equal to 8.88 trillion rials ($199 million), according to Financial Tribune.