The insurance industry needs to increase its reliance acceptance capacity

According to the monetary and financial news, quoting public relations, Mohsen Amiri Zadeh, Deputy Minister of Revenue and International Affairs of Kosar Insurance Company, stated: In reinsurance acceptance, considering the available capacity, it is possible to carefully examine the risks and select the most appropriate one for the accepting company. In addition, usually the fields of health and car insurance, which are the main reason for the loss of insurance operations of insurance companies, are considered much more sensitively in the acceptance of reliance, and basically the acceptance of reliance in these two disciplines is very, very low.
Mohsen Amirizadeh considered the global distribution of risk as one of the important principles in the reliance discussion and said: “Based on insurance teachings and to prevent possible heavy losses, it is necessary to transfer the existing risks to other countries.” Regarding the acceptance of reliance from foreign countries, the supervisory body, ie the central insurance, must issue an acceptance permit from abroad.
He added: “Due to sanctions, in practice, the acceptance and transfer of reliance from foreign countries in recent years has faced serious difficulties and many, these problems have been such that almost all reliance operations of the country’s insurance industry with foreign countries have been cut.”
Kowsar Insurance, Deputy Minister of Reinsurance and International Affairs, stated that Kowsar Insurance Company has made many efforts in recent years to cooperate with various foreign companies, adding: “We hope to achieve good results in this field by opening and facilitating financial transactions with foreign companies.”
Amirizadeh pointed out that the Central Insurance currently issues reinsurance acceptance licenses to insurers if they meet three conditions: First, having a capital of over 5 thousand billion rials, which fortunately, the capital of Kosar Insurance is now about 6 thousand and 500 billion rials Is. Second, the company’s wealth must be above 120. The third condition is the presence of 3 employees specialized in the field of reliance in the insurance company who also have the certification of central insurance professionals.
He said that the first benefit of having a reliable acceptance for Kosar Insurance Company is that it shows the good ability of the company in various technical and financial levels, he said: to maintain this advantage, it is natural to always try to maintain conditions at the highest level and even upgrade It will be on the company’s agenda.
Regarding the benefits of reinsurance acceptance for the insurance company, Kosar Insurance, Deputy Minister of Reinsurance and International Affairs, said: “Another advantage of reinsurance acceptance is its profitability.” In reinsurance acceptance, considering the existing capacity in the country, it is possible to carefully examine the acceptance of appropriate risks, and this is important because reinsurance acceptance in most cases will benefit the company.
Amirizadeh stated that 15 companies in the country’s insurance industry have succeeded in obtaining reinsurance acceptance licenses, and specified: 13 of these companies directly follow the issuance and compensation operations in all fields, one of the benefits of which is to help Improving the level of technical knowledge of companies./Online commerce