Startups Enter Insurance Industry
Insurance industry plans to allow startups to handle 10% of Iran’s insurance market in the current fiscal year that started on March 21, said the head of Central Insurance company of Iran.
Gholamreza Soleimani said the domestic insurance market was worth 450 trillion rials ($3.7 billion) in the last fiscal year (March 2018-19) and insurers want to allow insurance startups to handle 10% of the market.
Insurance startups can act like brokerages and sell insurance policies, he said, adding that so far 13 start-ups have applied and some have already got the permit to operate, IRNA reported.
In recent years hundreds of startups and knowledge-based companies have opened in Iran with some offering insurance services, namely Bime Click, Bime Bazar, Bimito, and Fast Bime.
Soleimani underlined the need to draw on the ability and capacity of startups to expand the banking and insurance services, recalling efforts to give voice and space t to the gradually expanding start-ups.
“In the past, startups were legally not allowed to operate in the insurance sector. Now they can offer a variety of insurance services,” he said.
In November, Vice President for Science and Technology Sorena Sattari and the CII chief signed an agreement to ease regulations governing the work of startups and pave the way for the expansion of their activities in the growing insurance industry.
source: Financial Tribune
Top News
Australia’s CEFC invests $75m in homegrown critical minerals
Glencore in talks to sell Philippine copper smelting unit
BHP seeks Brazil growth to emerge from shadow of mining disaster
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Iron ore posts weekly gain as investors assess fresh Beijing stimulus
Norge Mining acquires Europe’s largest natural graphite producer
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
