Cautious Western insurers rebuild business ties with Iran
Saturday, 10 22 2016, Category: Insurance and Reinsurance, Country: Iran
Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions.
Shut out of international financial markets for years, Iran is still trying to reap the benefits of last year's nuclear deal with world powers.
Despite the removal of international banking restrictions in January, Tehran has secured ties with only a limited number of smaller banks as U.S. sanctions remain in force.
By contrast, Iran is in more active talks with insurers to provide cover in a market valued at $9 billion overall last year and potentially double that in the next decade.