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
Six last month
MinRes halts Bald Hill mine amid lithium price rout
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Swapping aluminum for copper will maintain China’s resources, group says
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Families gather at South African mine shaft where hundreds are feared stuck underground
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
