Leading Russian insurers see potential for cooperation with Iran

Leading Russian insurers see potential for cooperation with Iran

Development of cooperation with Iran is becoming one of the priorities of Russian foreign policy, said a member of the Board of JSC SOGAZ Dmitry Talaev. According to him, started the revitalization of business ties in the fields of energy, petrochemicals and telecommunications.

MOSCOW, 20 Jan. Leading Russian insurers see potential for cooperation with Iran, however, according to some experts, opportunities for interaction in the insurance market will emerge as development of relations in other spheres.

Iran 16 January got rid of the majority imposed on the country of sanctions — on this day, the IAEA presented a report confirming the readiness of the authorities to implement it through a long negotiation program by a significant reduction of its nuclear potential. Later the EU and the US confirmed the removal from Iran of economic and financial sanctions related to its nuclear program.

As explained by Executive Director, member of the Board of JSC SOGAZ Dmitry Talaev, the development of cooperation with the Islamic Republic of Iran becomes one of the priorities of Russian foreign policy began a process of restoration and revitalization of business ties in the energy, petrochemicals, transport and communications, engineering, Finance and other industries.

The market potential

According to tulaeva, SOGAZ is planning to actively engage in the process of development of cooperation with Iran and to cooperate with Iranian insurers. “We study the insurance market of Iran, see its potential and prospects for cooperation… the Main areas of cooperation we see in the oil and gas sector, power generation, industry, rail and aviation areas, cargo insurance”, — he explained.

Interest in the Iranian insurance market showed “Ingosstrakh”, which intends to restore relations with Iran. “The insurance market of Iran is certainly interesting for “Ingosstrakh”, and we will strive to establish lost because of sanctions… We are interested in participation in obligatory programs of the Iranian companies”, — said the Director of the reinsurance Department of Ingosstrakh Alexey Savelyev.

The Bank of Russia is currently in discussion with the Supervisory body about Iran’s further cooperation. “We are for constructive interference. This is the first phase of the conversation,” — says Director of insurance market Department of the Central Bank of the Russian Federation Igor Zhuk.

Some Russian insurers, who have previously with Iran has never worked, find it difficult to talk about their plans for interaction with the country after removing it sanctions, arguing that the matter must first be explored.

However, the President of the Russian Union of insurers (VSS) Igor Jurgens believes that at the moment the potential for cooperation between Russia and Iran in the sphere of insurance is low, and opportunities for collaboration will emerge along with the development of economic and trade relations.

“That’s not such a significant volume of economic cooperation between countries and with the relative underdevelopment of the financial sector of Iran, too high gosudarstvennosti”, — says the head of the HJC.

BCC also reports that the Iranian insurer “BIM markazi” last year declared his readiness to cooperate in the field of insurance under the laws of Russia and Iran, including cooperation in reinsurance sphere.

Our in Iran

As told in “Ingosstrakh”, the company has a long experience of cooperation with Iranian insurers. In 1926, Iran was established as a General representative of “Ingosstrakh”. In addition to Tehran, it had branches in the cities of Tabriz and Mashad. “Ingosstrah” has helped Iran to create the insurance industry in 50-ies of the last century.

General Agency conducted operations on insurance of property against fire, insurance of goods and vehicles. In the late 70-ies in connection with changes in the regulation of the insurance market as a General representative of “Ingosstrakh” in Iran ceased its operations.

According to the Deputy Director of spao Ingosstrakh corporate business Alexey Galakhov, the insurance company does not exclude the possibility that re-opens the mission in Iran, but the issue has not yet been considered.

In the SOGAZ believe that to engage with the Iranian market through brokers, so at the moment the company has no plans to open offices in Iran.