Investing in the insurance industry helps to reduce poverty in the country

According to IRNA, “Babak Neghadari” during the review of the 110-day performance of Saba business holding, referring to the development of new frameworks and a new look at the country’s development in the 7th Development Plan, stated: “One of the important topics that the Supreme Leader of the Revolution addressed in announcing the general policies of the 7th Plan” They pointed out that it is a matter of justice. Currently, the Gini coefficient in the country has reached four percent, which means that the inequality in the country has increased. Also, the country’s population below the poverty line has reached 26.5 million people, and the middle class, which is the leader of the country’s development, has become thin. To treat this situation, one of the appropriate levers that exist is the insurance industry.
He said: The insurance industry, especially Iran’s insurance, which controls the majority of the country’s insurance market, can help reduce poverty by formulating new insurances and expanding existing insurances such as life insurance. The expansion of these insurances, in addition to providing the necessary resources for the development of investment in the insurance industry in the country’s economy, can lead to the development of education, reducing inequalities and increasing social welfare. Therefore, the development of life insurance to reduce poverty is one of the important axes of attention in the 7th development program, and a 50% increase in these insurances is targeted for the next five years.
The head of the Majlis Research Center stated that we have the agenda to improve governance in the insurance industry and added: Increasing transparency, monitoring and accountability in the insurance industry, increasing people’s financial literacy and making the public more familiar with the insurance industry are among the plans being developed.
Pointing out that the country’s four challenges and three windows of opportunity are considered as priorities in the framework of the 7th development plan, he continued: If the country’s insurance industry wants to fulfill its mission in the development of the country, it must take a look at these priorities, one of the most important of which is the creation of resources. Finance through investment companies like this holding is a profitable business. By creating financial resources in this way, you can cover the risk of investing in the country and give motivation to the country’s economic actors.
Neghadari stated: In the 7th development program, it is predicted that the penetration rate of the insurance industry will reach seven percent, and in this way, a safe environment for business can be created. Because the ranking of Iran’s business environment in the world is supposed to reach 77th place from the current 127th place, and the insurance industry is one of the main pillars of realizing this goal.
Emphasizing the necessity of making the insurance industry more knowledge-based and supporting knowledge-based companies, this official said: Currently, 0.9% of the added value of our industries is related to the knowledge-based sector, and the insurance industry can contribute a lot to the country in this sector.
Referring to the country’s need for investment and the role of the insurance industry in providing it, he added: the insurance industry can use the resources at its disposal at the points where the country needs investment; Such as transportation networks, the establishment of transit corridors and the like on the shores of the Persian Gulf and the Sea of ​​Oman should come to the country’s aid. Currently, changes are being made in the international system towards the movement of capital towards the East, which unfortunately or fortunately, the Middle East will be the place of competition between the superpowers. Therefore, Iran must have a suitable place for itself in this new system.
He further explained: In the 7th development program, we drew the attention of governance towards economic diplomacy, one of the axes of which is that transit corridors should pass through Iran as much as possible, and other countries do not want to do so in competition with Iran. Therefore, Iran’s insurance industry can help the country in the field of transportation and transit and create relevant infrastructures through the same resources that it has in Saba Holding.
Neghadari added: Also, investment in other infrastructure sectors such as agriculture and food security, transit chain, energy and increasing the added value of industries are among the other axes required for investment in the insurance industry.
The head of the Majlis Research Center said: Our conclusion is that removing obstacles to investment and economic diplomacy is the key to getting out of the country’s current problems, and important tools for realizing this goal are in the hands of the insurance industry, so Iran Insurance, as the country’s largest insurance company, should support Saba Holding To provide necessary resources for this role-playing.