The Central Insurance of Iran (CII), the industry's regulator and one of its few reinsurers, has disclosed the latest risk retention and inward reinsurance capacity allowed for insurance companies.
According to the latest list calculated based on the latest approved balance sheets of insurance companies published by IBENA, Iran Insurance Company (IIC), the only fully state-run insurer and a major market force, remained dominant and holds the highest allowed risk retention capacity at more than IRR17.75tn ($413.46m). IIC is followed by the two insurers, Alborz and Asia Insurance, in both of which the government holds a stake. They have risk retention capacities of more than IRR2.71tn and IRR2.47tn respectively, reports Financial Tribune.
Privately held companies Parsian and Dana Insurance have made it to the top five list with allowed capacities of more than IRR2.13tn and IRR2.01tn respectively.
In addition to the CII, only six insurers out of the total of 30 are allowed to accept reinsurance. Two of those, Amin Reinsurance and Iranian Reinsurance, are specialised reinsurers. The others are Iran, Pasargad, Mellat and Iran Moein.