The Central Insurance of Iran (CII), the Iranian re/insurance industry regulator and reinsurer, has revealed the latest risk retentions and inward reinsurance capacity allowed for insurance companies in Iran, according to the Financial Tribune.
In addition to the CII, only six insurers out of a total of 30 in Iran are allowed to accept reinsurance, and the only specialised reinsurers in the country are Amin Reinsurance Company and Iranian Reinsurance Company.
Iran Insurance Company, the country’s only fully state-run insurer, was once again allowed to accept the largest amount of reinsurance coverage at 8.88 trillion rials (US $206.85 million).
It was followed by Pasargad with a reinsurance cap of 635.78 billion rials ($14.80 million), Mellat at 558.02 billion rials ($12.30 million), and Iran Moein at 393.41 billion rials ($9.16 million).
In terms of risk retention, Iran Insurance Company also came out top with an approved capacity of more than 17.75 trillion rials (US $413.46 million), followed by government backed insurers Alborz Insurance Company and Asia Insurance Company at 2.71 trillion rials ($63.12 million) and 2.47 trillion rials ($57.53 million) respectively.
Private companies Parsian and Dana also ranked in the top five, with approved risk retention capacities of more than 2.13 trillion rials ($49.61 million) and 2.01 trillion rials ($46.82 million) respectively.
The regulator also advised insurers to pay attention to the CII’s financial strength rating of their peers when considering their allocated risk retention capacity.