Foreign, Iranian insurers attend Reinsurance Seminar

Tehran, Nov 11, IRNA – Top directors of Nasco and Partners Reinsurance Company together with technical and reinsurance deputies of Iranian insurance companies attended a one-day Reinsurance Seminar here on Monday. During the session, the participants discussed reinsurance, reinsurance fee, reinsurance ceding, arranging reinsurance contracts, maintenance capacity and capital and risk management. The gathering provided a good opportunity for Iranian reinsurers to be active in the field by using modern methods and take the best decisions while confronted with crisis. Gabriel Bejjani, Managing Director of Nasco brokerage, said from the opinions expressed in the session it is realized that Iran’s insurance industry has close competition not only within itself but with other economic domains such as the capital market. He said the objective behind holding the seminar was to provide experts in this field to obtain more profound understanding from different reinsurance methods, adding that he was interested in holding further contacts with representatives of private companies. He expressed hope for deeper bilateral interactions with the Iranian side. Bejjani pointed to receiving permit for the opening of a branch office in Iran and said it was aimed at increasing the level of interaction with insurance and reinsurance companies, familiarization with their demands and establishment of constant and effective relations in the field of reinsurance. He referred to the potential capacities in the Iranian market for investment and said in the first stage insurance of energy, ship and airplane and property insurance are highly potential and with regard to climatic changes in future there will be flood and storms which require sound insurance. He expressed his sincere appreciation for the support of Bimeh Markazi (Central Insurance), the organizer of the seminar, for authorizing the opening of a branch office and said prospect for the interaction was highly promising. He said Nasco Company is interested in becoming an intermediate in signing contracts between Iran and other foreign insurance companies as soon as the sanctions are lifted. Nasco started its activities in 1969 and so far has representative offices in Britain, France, Cyprus, Turkey, the UAE, Saudi Arabia and Iran./end