Insurance Industry Needs New Impetus

EghtesadOnline: "The low penetration rate is one [main] reason for the industry's underdevelopment…if the penetration rate does not increase, the industry's share in the economy will also lag behind leading to problems such as unhealthy competition and underselling"

News ID: ۷۵۲۴۲۵

19 April 2023

Economy Minister Ehsan Khandouzi has called on policymakers to come up with workable roadmaps to expand growth of the key insurance sector and boost its role in the economy.

In a meeting with officials from the Central Insurance company of Iran (CII) and CEOs of insurance companies, Khandouzi stressed the need for more support from policymakers and the need for creating of a strong legal framework to support the industry.

"The industry has not seen much progress in terms of governance and legislation. Yes, some measures were taken in the past, such as including insurance-related clauses in five-year economic development plans and annual budgets, but there is need for a comprehensive legal agenda," Risknews quoted him as saying.

"Past measures were indeed not enough to address the industry's needs and help it keep pace with its international peers.”